I am an ARC AAA fanboy and have been for years - it is one tough light and the same one has been on my keys for about 3 years and still going strong. It is a tad smaller than the e01 and that is why I choose to carry it.
With that said, for gifts, youd be crazy not to go with the e01. Like the arc, the E01 is also one tough mother at a fraction of the cost. I spend a lot of time over on candlepower and the durability of the E01 comes up quite often - its been out for over a year and I think almost everyone on cpf owns at least a few - so far no reports that one has failed other than a alki battery crapping up the inside. Some argue that eventually the pos battery contact (which is just metal against the battery - no padding like the arc) will eventually wear away and thus cause the light to stop - I dont think this would realistically be an issue.
In fact, there was a thread on cpf a while ago where some dude dropped both the arc and e01 from the side of his building and the corner of the arc actually bent in rendering it unusable while the e01 survived in working order. Yes, it was most likely the arc hit at a bad angle, but still shows that the e01 will take more than you can dish at it.
If surviving a fall from a building doesnt sell you on the e01, well, I gave one to my father for his keys over a year ago and its still alive and kicking
Its sort of a sad time where a $15 chinese made light can easily stand toe to toe with a $50 american made light, but that is life.
The maratac aaa over on countycomm is also an excellent little light that gives three modes and decent output. I actually also keep this on my keys along with my arc. Its only been out for a short time so no long term testing yet, but I love the thing and it feels very well built. Good reception on cpf. Its $28.
As a gift though, I'd still stick with an e01 - they are the ligths I gift and everyone always loves them - I have created quite a few flashaholics this way
Buy from 4sevens.com - he is a great guy and supporter of cpf. He also offers free shipping worldwide on any order. On orders over $20 use the coupon code "cpf8" for 8% off.