I think I have the same light. After a few weeks of gentle use around the house and dog walking, two of the led's are flickering on and off. The battery life is lousy too. You do get what you pay for in bike lights. All the manufacturers know what the competition sells for, and the cost, quality, usefulness, and features you get will be about about the same level from different manufacturers.
If your light fails, just get this and stop looking around
http://gretnabikes.com/item.asp?cID=1&PID=389
From someone who spent just as much over the years trying to spend less on cheaper lights. Bought one ten years ago after years of looking around. Upgraded to this about two years ago ( same company) , after doing almost the same thing again. argh! Been evaluating lights since 1994. (holy carp, next year will be 20 years).