This is a light that is cheap at $42.97, with shipping. It is one of maybe three lights that I paid that sort of price for, not including mod. parts. Since it is beautiful and there is nothing else like it, it would be worth much more than that to one who wanted it and could afford it. Precise artistic smooth curves in stainless steel are hard to find at any price, and this is also a sophisticated two zone total internal reflection (TIR) zoomy that can put nearly all the LED’s light into the throw, and also has good flood. And it is uncommon, at least outside China.
My first one is from 39.87€ |Waterproof Rechargeable & Adjustable Focus High quality Stainless steel LED Flashlight P632|flashlight holster|flashlight fingerflashlight holder - AliExpress, but it is no longer available there. It is also listed here Loading... for US$38.96. I now (June 2016) have a second one from there, the first thing I have gotten from that store. The first thing I ordered from them turned out to be out of stock, so I emailed an inquiry before ordering this.
Commercial pictures, click for Web page:
More of my pictures, click for full size:
We know that this is an old design, because it has an XR-E and because it is still called a POP lite and not a Fitech. (There is a Datsun owner’s club in California.) POP lites of this sort have great detail similarity to LED Lensers, so much so that I think they must come from the same factory. This light has a Chinese users manual. Apparently POP lite was the Chinese branch of Lenser, somewhat like Coast is the American branch or licensee. The prices of Lenser and POP lights are also similar in the world market, though the Lensers of production intended to sell in less price sensitive countries are at least twice that expensive.
The POP lite T62 http://www.dx.com/p/158619 is another one that takes a single 18650 cell and has an XR-E on a post. It is cheaper and slimmer. But it is not stainless steel, and I don’t like the way the charging port was done.
The P632 was derived from the 3xAAA P32. They share the same battery tube diameter, which is wider than usual for 18650 lights. Some parts, including the hole tail cap assembly are interchangeable. The difference in length is less than the difference in battery length, because the pill is shorter. The similarity must have reduced tooling cost. The Coast Cutlery COA-19247 A25 appears to be derived from the POP lite P31, rather than from the P32. It must not actually share any parts with the P31, because it is 4xAAA instead of 3xAAA.
Here is a comparison with a well regarded slimmer light, in bare aluminum for a more direct comparison:

The POP is clearly a much more careful job, both in the design and in the execution. The aluminum is shinier but it won’t stay that way with wear. The A6 is all longitudinal and radial cuts, while the POP has compound S curves. It isn’t yet like hand thrown pottery, but it is like better developed industrial products. And the detail is much finer, even though the stainless steel is harder to machine.
Inside
The LED is held down by a plastic cap and star screws, as usual for these lights. The pill screws onto the front of the battery tube and carries the single slide o-ring. The XR-E sits directly on the pillar, which is an upwards extension of the pill. The driver has a button that contacts the battery holder positive. The driver is held in by a (stainless?) steel plate that screws into the pill on the same threads as the battery tube. It has no holes or notches, but came out easily with snap ring pliers. The 22 mm. driver board fits loosely in a shallow space in the pill. Three lumps of solder on the back of the driver contact the plate, which contacts the negative battery holder caps.
This one has thermal compound between the pill and the LED. (I had an LED Lenser P7.2 with no thermal compound.)
Strangely, the single cell 18650 rides in a battery holder like those of the multi-cell Lensers. The switch is a simple forward clicky. The battery tube diameter seems to be shared with a 3 x AAA design (P32), but it is also very long, maybe needed to accommodate the battery holder design. The tube does not carry current (Would its resistance be too high?) The contacts on top of the battery holder are sprung gold platted caps. There are three negative and one positive contacts. The spring travel is only a millimeter or two.
It is not clear to me whether the battery holder design has any reliability advantage to compensate for it cost, complexity and volume, or whether it is simply a carry over from the multi-cell designs.
Pros:
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Beautifully machined stainless steel, even the switch cap.
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The same two zone Fresnel-like optics as LED Lenser: Most of the light goes into the throw.
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Good zoom capability.
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Well driven LED. I measured 0.9 A with a cheap multi-meter.
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Direct thermal path: no insulating layer between the LED and the pill.
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Unusual design, inside and out.
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Nice three modes plus slow blink, starting in high, forward clicky. Modes are set before the switch is clicked to stay on.
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Straight forward to mod. The LED and driver are screwed in place. The only complication of an LED update is filing down the pillar on which the LED sits, to make room for a (direct thermal) star.
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The included 18650 really holds about 2.2 Ah of charge, as marked.
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On consideration, I count the overall shape also as a plus. It is a German Modern shape, pleasant to hold and to look at, but it is not a Yezl T9 or an SS-5039.
Cons:
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Not really a budget light. They are sometimes listed for around $100.
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The battery tube is very large for the size of the cell.
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Little old XR-E LED.
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It has a budget type driver regulated only by resistors, and a shallow pill limits the choices for driver upgrades.
★★★★★
Conclusion
The optics partly makes up for the small LED, and it gives a run time / brightness in throw combination that can’t be equaled with any single zone optics. Some fixed TIRs are also two zone, but they do not provide zoom. What sets it apart from its TIR zoomy relatives is the smooth shiny stainless steel exterior, and especially the whole tail cap and the S curve of the bezel. My CNQ host with Nichia is brighter and smaller and just as well made, but the POP is prettier and will stay that way with hard use. The aluminum with fins dissipates heat better, so the trade off will not disappear when the POP is modified.