IMHO, nothing beats the Photon 2!
I've had this tough little sucker on my pocket-carried key ring for 3+ years now, and it works every time. Mine has the original larger battery (which according to the Photon forums can still be substituted for the stock two battery load - slightly dimmer, but battery life goes from 14 hours to 200 hours (more than a week continuous or as in my case three years and still no battery change).
Sure you can buy cheaper lights - but you've already read the stories in this thread...
Sure you can buy more expensive lights, like the Photon 3, but I've found the electronics to be finicky beyond usefulness - plus the vaunted waterproofness never beat the real world performance of my Photon 2 which has had a number of accidental submersions and rain soakings and dries out just fine...
Sure you can buy the big sucker AAA or N keychain lights and get some serious lumen-action - but how much do you want to stuff in your pocket everyday? I find that when I really need light in a pinch, the Photon 2 is plenty bright for true darkness. If you're looking for a macho power light, you'll be perennially dissatisfied with the keychain crop - go get some belt carried surefire law enforcement blinder baton if you're looking for this kinda trouble...
This is just one guy's user report, but I am very satisfied with the pocket functionality of this puppy!
<img src="/images/graemlins/laugh.gif" alt="" />