I just picked up an
Ultrafire WF502 and the
R2 drop in for my wife and I. They are very bright, more of a thrower and less spill than the Ultrafire C2 Q5 it's replacing, but it seems to be enough spill for commuting/riding at night. The hotspot is very intense with the Cree R2

It should be in the 150Lumen range I'm guessing (4.2V from the 18650), which is pretty good for $30 IMO. Cheaper than paying for the Fenix name when you're getting the same thing. Also check out candlepowerforums.com for more info.