The value of the e+lite is that it is specifically a head mounted light. To this purpose, it is extremely light weight, very good quality, moderately water resistant and can be aimed (many headlights cannot, forcing you to look where the light is instead of being able to point the light exactly where you want it.).

You can also remove the headstrap and clip it to a hat brim.
Sizewize, it's very small for it's purpose. Using CR2032 batteries allows this. Is it as bright as a AAA or AA powered light?
No. but it's smaller and lighter than those lights. A fair trade off to me.

To me the size issue is secondary to the primary function of the product.
Again, the e+lite is primarily a head light. Probably the smallest, HIGH QUALITY headlight. There is plenty of disposable junk out there. The e+light is worth it's size.

I have two e+lites and many Photons. While I carry around a Photon on my keychain, I'd never consider carrying around an e+light everyday. But when I need a headlight the e+lite's extremely light weight and aimability fit the bill 90% of the time.

Since you already have Photons, go ahead and get an e+lite too. I promise you will find a use for it. I use mine more often than I though I would.