I've got a black Longbow Micra w/twistie tailcap that I've added a UCL and S017XA reflector to. Great color, beautiful beam, good brightness. I'm 100% satisfied.
I got to check out the Nuwai QIII Sunday night, and compare it to a couple of my flashlights. My friend (Robocop on CPF) had already compared it to several of his.
I don't like the lack of momentary on, but as clickies go, the switch was pretty nice. Not something that will accidentally come on in your pocket, but not too hard to push, firm and positive in operation. I don't care for the clip, either.
On the business end, it's all joy joy, though

Brighter, and better beam than Arc LSH, LSH-P, similar beam but brighter than my modded Longbow Micra. Comparable to our LIII mods getting ~700mA (a Litfuse modded Arc LS with TX1J/reflector, and my KL1 that Chop boosted, and that I added a reflector and SWOK to). I would say it's between the two, better than my KL1, particularly the color.
I prefer my Longbow, which is shorter, simpler, and maybe a little better build quality, so I won't be buying a QIII, but the Nuwai is a very impressive light for $38.50, about half what I've got in my Micra+lens/reflector.