Yes it's hefty. A very solid and heavy feeling light all around. The silver part is the housing for the pill, actually the heat sink. I believe it is silver annodized aluminum finish. Nice review here and here. I also like the Balder BD-1P, looks like it's little brother and it's basically two lights in one. Can't justify getting it though, my Fenix L2D fills the 2AA spot and will for years to come.