The covert does put light where you want it and nowhere else. I've got a blue one that has been great on battery life and performance in the cold of the Great White North.
(Plus...it's a backup strobe light...yep, it's that bright. Note: *backup*. Actually, backup backup...since the Inova 24/7 is the backup to the MS2000 Doublefly...but that's another thread.)
I haven't had any problems with the majority of the Photon 3's, except I've had a strange experience with two. They went through the 'stock' batteries in no time flat, but are now behaving themselves. (Just my luck to get the one that *everybody* had to test.)
The mode switch 'could' be a bit faster, but it's not that bad. I preset mine for the auto-shutoff, which I personally find most useful incase it goes Christine on me and turns itself on.
Note that the Freedoms do not have the autoshutoff. Also note that depending on the color of the bulb, you get either SOS flash or slow strobe flash, as well as the autoshutoff mode either strobing for 3 seconds or gradually going to full power.