No, it works great.

I regularly take my light off the mount -- I just pull it straight up and it comes right out -- no need to take anything apart. And it's held in strongly enough that it's never fallen off. (Though I stick to roads -- if you go mountain biking it might not be adequate.)

I imagine that every time I pull the light out I weaken the mount a tiny bit, but it's going take hundreds of times before I need to replace the $1.50 mount -- it's already been over a hundred time and while it's a little looser than it originally was, it's still plenty secure.