The cheaper version is a clone. As it's been only for days there. Less knurling. One tpe of anodizing. No brass cap, no brass inserts on each tune, not each thread is anodized. No accessories. There's no visible PWM (really no visible) on the L2. Anyway the price from Manafont for that Skyray clone it's just adjusted to what you get.
This is a light that has a lot of aluminum mass and a lot heat-sinking capability, it's just that the driver that doesn't match the visual feeling you get from the design. Soon the XinTD L2 is 1 year old, and the clones have to show in numbers.