4sevens preon 2. light, bright, multiple output modes that are easily accessible, and affordable. only thing i don't like is that sometimes the clicker gets hit when sitting, etc (carry it clipped in right front pocket)...what i do though is unscrew the head 1/4 or less (doesn't take much when light turned on to turn it off by loosening the bezel) turn to prevent accidentally turning it on. one quick extra step to get light but worth the conserved batteries...not sure if i were to drop it in water like that if it would effect waterproofing though. if they made the clicky recessed i think it'd be just about perfect for me but more than serviceable and quite happy with it as is.
**addendum: answered my own question...the preon1 is turned off by loosening the head, and is rated the same for waterproof as the preon2. my assumption is that by using my battery conserving technique i should still be good as far as waterproofing based on that. the quark tacticals also allow for the alternate mode to be entered initially when the head is loosened a quarter turn...for anyone else using the preon2 figured this may be helpful or you may have other input.**