I just came back (14 Sep 07) from 68W (Combat Medic) training at Fort Sam Houston. I purchased this light and used it in garrison and field. I think it is well worth the money. Here are some of my opinions:

Pros: Battery life is pretty long when using the red and blue leds.
Inexpensive
You can move the light diffuser from the white side to the red.blue side.

Cons: Battery life is not so long (but still pretty long) when using the white led
There is no way to go from off to red to off. You have to cycle through the white light. When we were in STX (Situational Training Excercise) and FTX (Field Training Exercise) any white light our instructors saw rendered us dead right there.
I could hear a faint humming/buzzing noise when I was laying in my bunk reading.

Overall it was a great light for the price.