Conclusion: The Fenix LD01 is a superb little pocket light. With the addition of the Cree LED, greater light output has been realized relative to previous models, without decreasing runtime. NiMH or Lithium are the way to go to power this light, but alkaline AAA will work just fine as a less-expensive option.
Pros: Waterproof, Tough/impact resistant, Bright, Easy battery change, Multiple output modes, Output modes are 50% brighter (or more) than earlier models with similar runtimes, Lightweight, Stands up
Cons: Battery life a little short with alkalines, much better with NiMH and lithium AAA.