I saw the Vega at the Bentride in August and it looks well made. The specs say they use a 3 Watt Luxeon Star, but the burn chart shows 2 hours at 4 Watts. I wonder if they really are driving a 3 Watt Star at 4 Watts. Doesn't look like much of a heat sink in there. Hmmm.

If you want to build a light like this yourself, the main components are the Luxeon Star III LED at $8.75, a 5° x 20° optic with holder at $2.69, a 3021-D-E-1000 BuckPuck at $19.99, and four 2300 maH AA NiMH cells at $2.50 each, which comes to $41.43 plus shipping. You still need to buy a switch, a case and clamp, and a charger for the batteries. You will also need a 1/4 Watt resistor for each power level except maximum. If you used 6° collimating optics this would make an excellent helmet light. A simple oscillator (a couple of dollars for parts) will provide the flashing feature. I have one running on my bench right now.