Well, I bought it. I actually exchanged a Performance "Take 5" light and the Gen3 is much brighter. For my commute I believe it will work fine as it's only about 3 miles. I did notice that it rattled a little, but the light stayed on and was pretty sturdy on the bar, moreso than the Take 5.
I figure for $39.99 on sale it's a pretty good deal. When it dies I'll get another or maybe spring for a nicer light at that time.