Xpl2 is more efficient than 351D , but 2M has 2led. so difference in efficiency is ~20%.
90lm/W vs. 140lm/W. At the most useful mode.
There are too many questions regarding LEDs, modes, optics and methods of measurement. For example, we can get 10-15% difference just because of LEDs, even on the same product:)
So this is not “so”, this is a lot of different factors besides “linear vs buck” 
And I doubt that 80 lm is the most used mode for headlamp for many people. Actually, for 80 lms a good buck-driver is better, but it might be not reasonably better for brighter modes (btw, for moonlights too=).
If heaglamp is not a toy but tool, the most useful modes 100-200lm , especially for outdoor, in this range buck driver is better than linear. (And if we speak about Panda3 now it has neither stabilization nor moonlights)
But I see your point.
i owned 1st version, great stuff, this one is even bettery.
guys from YLP really care about stuff and are constantly in touch with forum.fonarevka.ru, discussing features of forthcoming lights right with potential useres. unlike most of manufacturer do.
Excellent review, as always!
Been thinking about getting a Panda for a while now, having a headlamp that’s high-CRI out of the box will be a nice change.
Thank you, get it.
Can anybody suggest more comfortable headband? It not confortable on naked forehead. (rubber/plastic (?) holder)
Picture too
You can try to put the sling inside the silicone rings:
Almost everything I’m looking for in a high cri headlamp. I want one for hands free close up lighting while doing detailed work and the beam profile and metal tube body (I hate having clamshells/box wear out and break) are great, if only it were a lightweight compact format using aa format batteries (14500 and nimh). When you’re squeezing into small spaces or working at an angle heavier headlamps aren’t as secure and comfortable. Plus aa is in a good spot having just enough capacity for a reasonable session and with nimh compatibility being really convenient to feed.
The high cri aa that is available is the acebeam h40. The beam profile isn’t as suitable but everything else appears to be on point. Anyone know if this is a reliable quality pick? Or if a better option is on the horizon?
Thanks for the excelent review maukka. Looks like a very nice headlamp with a very good price and ui. The only thing holding me back is the IPX6 rating since all my headlamps would get submerged or super soaked sooner rather than later. If they release a Panda 3R with high cri leds and improved driver and ui, I would definitely buy that since they’re rated at IPX8 and cave tested by AEDe.
Thank you for the review, it is very helpful.
Is it possible to get Narsil on the headlamp?
Yes Narsil! I’m a buyer then!
Thank you fnksb for suggestion.
Read that maybe SKILHUNT Headband can be used like alternative. (flashlight diameter 22mm and distance between ring places 44mm)
Order placed. Thanks maukaa for the great review and thanks fnksb for the coupon code
Just got mine today and am having trouble getting to the sub modes and smooth transitioning doesn’t seem to be any different than normal transitioning. Am I missing something? Did anyone else have any of these issues?
I think the downloadable manual will be of help:
http://ylplight.com/attachments/get/34/panda-2-cri-um.pdf
Smooth transition doesn’t mean ramping, just barely noticeable smoother transition between modes like on some small Olights.
So, do you guys think the PWM issues have been fixed?
What kind of issues?
On moonlight modes.
Do you mean two low-frequency moonlights?
In fact, this feature was added on purpose. During the tests was found a different response of the AMC7138 to the high frequency of moonlight (depending on the batches). So, in addition to the three high frequency-moonlights (5kHz), was added two low frequency moonlights (1kHz and 500Hz), just in case. On some batches of 7138 this will allow a lower brightness of moonlight .
Therefore, you can use one of the three high-frequency moonlight without inconvenience.