I've got the DS Premium - picked it up a couple months ago (one for a gift, and one for me). It's fantastic. Has great light output and it seems built to take a beating. It replaces a Coast light that was "okay" which I used mainly for the form factor. It used 4 button cell batteries though, so I didn't like it for EDC. The new Arc fits in my EDC Leatherman TTi case (in the side pouch that fits it perfectly as did the Coast light).

I'm considering getting a second one to keep in my pocket with my other gear. I see they have the new GS-LEDs for $50. Would it be pointless to get that vs. waiting for the new LS model or is that something completely different? Also, has anyone tried the 14500 Lithium batteries in this thing to see the output at 3.6v? :-) I don't want to wreck mine or break the warranty, so I thought I'd ask.

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Experience is a hard teacher because she gives the test first, the lesson afterwards.