I have had a couple of Photon2s and they are nifty little lights unfortunately they are not anywhere close to being even slightly water resistant. The flimsy switch leave something to be desired as well but I admit mine have never broken. I have however completely ruined one with the smallest amount of moisture (as stated in previous post).

After testing many small key ring LEDs I rank them as follows:

Arc Light
Peak LED Solutions
Inova
Photon
The rest of them...