Well the Hugsby V1 has arrived and I am glad to report that the news is mostly very good. 
Highlights:
Excellent build quality with threads that are lubricated and as smooth as silk.
The body is actually a complete redesign and is very mod freindly - you don’t need any tools at all to completely disassemble it and access the emitter and driver.
The pill is solid, the star is glued on with thermal glue and the emitter appears to be a genuine Cree XP-E2 R3.
Lowlights:
Generic 3 mode driver with strobe and next mode memory. :SICK: Really? Come on Hugsby, you can do better than that.
Because of the redesign they have had to put the clip on upside down and it is VERY strong. A bit too strong for my liking.
Visually the output is not significantly greater than other Sk68s I have, but that driver will have to go anyway, so that can soon be sorted!
The beam has some odd artifacts around the edge - possibly caused by the pill design. Further investigation required.
I will try and sort out a proper review when I get the chance. In the meantime I will just say that I think this is the best SK68 style zoomie out there at the moment.
Edit: Review is up.