Kenk,
I know what you mean, it bugs me that I can't see any apparent problem. I find they are handy little lights, bright for there size.
If there's a fix great I'll have a go. If it can't then I'll use it also is until the batteries peg out and then look to get a replacement.
As to replacements, what are my choices? Now I daren't ask that kind of question over at CPF, as I'll just get swamped with suggestions probably anywhere from 99c to $99, plus the mantra of CPF to buy both. Information overload.