Wow, what a long thread. Here's what I know:

The Good:
1. The Phillips light is relatively cheap at around $100 on amazon
2. It has a shaped beam, like a car headlight, for night riding. For a number of reasons, if you're riding on the road or a bike trail, this gives it better effective light than most lights with more lumens (not great for mountain biking though)

The Bad:
1. The reason why it's relatively cheap is because it's being discontinued.
2. As people have mentioned, you need to buy better batteries separately, and even then the run time only seems to be somewhere between 1-2 hours.
3. And apparently you cannot just hook up another battery via the usb port - there's some sort of circuitry in it that turns it off after a certain amount of time.
4. Busch and Mueller may or may not be making another better battery light. It's hard to figure it out.

If you actually had a dynamo front wheel, that makes things a little easier. The Lumotec IQ Premium Cyo seems to be the best cost effective dynamo light you can get right now. (As in it's noteably better than anything cheaper, and there's nothing more expensive that's substantially better). I'm buying one if Peter White ever puts up beamshots and it still looks good. I have a dynamo light on my commuter - it's *way* easier than a battery light.

1. Your light is always with you on your bike.
2. You never have to spend time charging it
3. You never accidentally leave it behind while it's charging
4. You never accidentally end up with a dead battery in the middle of your ride, because the battery just got old and doesn't keep a charge (it's happened to me - twice)
5. It's permanently affixed to your bike, like anything else on your bike, so you don't have to take it off. (It's both a plus and a minus - if you leave your bike locked in really sketchy places, the kind of places where they might steal your saddle or your derailler off your bike, you might have a problem, but I don't really leave my own bike anywhere like that, so it's more convenient than a light that's easy to take on and off that I always have to take on and off).
6. If you're biking in the winter, you don't have to deal with the battery not lasting as long because it's cold out with a dynamo.
7. Almost all dynamo lights have a shaped beam like a car headlight, that only puts light on the road in front of you. It doesn't waste light going up, but far more importantly, it doesn't make your eyes adjust so you can't see outside the headlight beam (any more than using a dimly light cell phone would).

You might want to seriously consider just buying a dynamo light and front wheel.