L>M>H>STROBE>SOS would be my bet
I agree with Boaz though
Would these need an 18650 with a bump on the pos end, solder blob etc?
I believe they have springs on both ends
My cheapy S5 clone (labeled S6 did)
The light arrived yesterday.
It's not an S5 like was suggested, but the internal are the same. Floating pill with a retaining ring, plastic reflector, and plastic lens. Lens O-ring is slightly too small so it wont sit flush under the lip. I can't tell for sure, I think the emitter is an XP-C... I'll probably drop an XP-G or G2 emitter in with an OP or Wide TIR optic and a low-powered driver, 101AK or similar. Maybe glob some Fujik in to fill the space around the pill. I don't think it's up for any more than that.
Cosmetically, the host is a scaled-up version of the 602C host from Fasttech.
http://www.fasttech.com/products/0/10002463/1198401-ultrafire-602c-diy-led-flashlight-host-with
Look for a more detailed write-up/comparison soon now!
ebay seller now has Price: US $3.99
Got one today. I like it. $2.99 , took less than 2 weeks from Shenzhen!
Looks like glue, so I couldn’t take it apart, though I haven’t tried yet. A mixed blessing! Pulled about 0.4 A on high, 0.1A on low, so not a bright light, but not bad.
Fairly light and small, though I have a zoom that’s a little smaller.
The actual Convoy S5 is a MUCH nicer host, much more beefy and has a threaded pill…my EDC is my Convoy S5 
Thanks for the review
My kids enjoy their but the Convoy is mine 
Ah... S5 referencing the UltrFire S5 mentioned earlier in this thread...
Hmmm… mine has not arrived yet.
I received mine today. It is cheap and working, but it is not bright and I don’t like the tint. The beam pattern is bad so I put a 60 degree TIR on it. I may replace the led and driver in the future.
I got my other one today. Less than 2 weeks from Beijing. 5 modes, brighter than the other one. Really blue tinted, though. Not bad for $3.56 or whatever, says S5 on it. Not sure how to get to switch, though, not a bad light.
Not sure what emitter is, how do I tell if it’s an XR-E or XP-G or something?
So apparently they are shipping whatever they have on hand...
My non-s5, then on labeled as s5.
@BrightMike, does yours look like the one pictured on the listing?
Mine does NOT.
I can’t seem to see the auction. Close enough but I don’t think I looked that close. It was black like the photo.
The emitter looks smaller than the other light, wonder if it’s an XP-E?
I guess the silver one looks different. Wish I could pull up the old auction.
I couldn't tell what emitter was in mine, but I think it was an XP-C.
All of mine - the OP, the Zeusray father, and the S5 clone, have arrived.
They all have XPE emitters. All pull about 1.5A, 150-160lm after modding silicone wire to the springs.
The best build is the zeusray father (I bought the bronze). $3.59, really good build, and good tint! Close to NW.
I’m still considering to purchase the new LG emitter for $1 for these lights. Keeping it budget - double the lumens.
Mine arrived, does seem cheap, especially the lens end, but tail and switch not bad. Now I need to buy an 18650 cell. 
Springs on both ends inside, so no blob needed.
Has a very, lets use up a bunch of old parts feel to it, but I like the size, have to wait on operation.
Floating pill, sinking prospects.
Sorry if I seemed to recommend it. My homemade “S5 Clone”, OTOH, continues to impress…
I appreciate all of you who risked all your hard-earned cash to find out about this one!
Dim
We don’t know what the actual production cost of a light is, the shipping is heavily subsidized (again we don’ have any actual numbers) and for all we know the body and driver may cost a few cents and the biggest cost is the Cree chip (i also figure a Q5 is far less then a dollar)
Floating pill is a killer? Body is threaded so replace?