Just got my Ultrafire X2 yesterday and thought I'd post a bit of info. Since this is a micro-review, there probably won't be any beam shots or photos.
Since I'm still waiting for my 18650's from DX and DinoDirect, I'm running this light on a Trustfire Flame 14500(true 2400 from DX, reading 4.18v) with a spacer. Current at the tailcap on high is reading 1.25 amps on my cheapo Harbor Freight Chinese meter on the 10A scale. Not sure if this is because of the batteries protection circuit(which I thought was supposed to be able to deliver up to 2 amps) or more likely the emitter is under-driven. I'll post more current readings when it has a proper 18650 installed.
Overall the light is well made. Threads feel fairly smooth and everything can be disassembled easily(no pressed in tailcap).
The reflector is aluminum SMO with the emitter nicely centered. Lens is glass(not sure if its coated). O-Rings in all the right places. Arrived without any scratches or sharp edges on the body but the SS bezel is a bit sharp in spots(which is OK with me). Clicky is a bit stiff but works well and allows cycling through the 5 modes with a half-press. Mode memory works well. Light does not tailstand, but I've heard this can be fixed.
The hotspot is not well defined and the spill is a bit dim but still somewhat usable. The throw is quite good though and very bright at the center.
I'll post back with more info when available.
Update: I received the 18650's from DX today. Arrived at 3.8v and charged up to 4.2 in a TR001. Current at the tailcap on high is now around 2.25a.