Looking at the gaskets in the head, I can’t figure out what makes this light waterproof. I suspect it comes from a precise fit between the stainless bezel and the glass, which is less than ideal. But swimming in a wilderness creek last night, I had tossed it into a pool at the bottom of a waterfall for a light source and left it there for an hour. A couple meters deep in turbulent water for an hour. No problems.
Working through the function of the seals from the inside out, the main below-glass o-ring shouldn’t stop water from going around the reflector to the outside.
Above that, the bezel oring only stops water from reaching the threads from the thread side, and not through the bezel-glass interface. This suggests that either the bezel-glass interface is stopping water or the main o ring is somehow sealing against both the reflector and the body. If it’s the latter, keeping that o-ring greased is probably important.
Either way, it seems to work, so maybe I shouldn’t mess with it. So far, under a couple months of abuse it has been a perfect hiking light. Simple UI means I can loan it to people, and a flood of 2700k at <100 lumens for over a day of runtime is what I would pick if I could only have a single mode light for hiking and camping.