I have the Photon 2 and several 3s. They are all great lights. I think the 3 is by far the best in it's class now that the latest version (with the SOS mode) has finally remedied all the problems of the earlier releases. I have never used the blinking modes, but the dimming is a nice feature because it gives you the option to significantly extend battery life and still get adequate light for many uses. The covert option is also a great feature and not available on the 2.

I highly recommend the 3.