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I just bought six of these little lights (the small one in the picture) from KevinL on Candlepower Forums. They are tiny, about 1/3 the size of a Photon II (the bigger light in the picture is a Photon imitation that's just a tiny shade bigger than an actual Photon). Brightness in terms of total light output is about the same as a Photon but the beam is less focused so it won't have quite as long reach. And of course runtime will be more limited (to about 1 hour) because of the smaller batteries (2 pcs CR1220). I paid $1.75 each plus shipping from Singapore ($2.50 for six lights sent in a small padded envelope, took about 10 days to arrive). I've had a Photon II on my keys for years and have never had any problem with its size, but as a flashaholic I couldn't resist these pico-lights. The picture doesn't really do the lights justice. They are well made, smaller than they look in the pic, and they are very cute.
The lights are only available to CPF members (free registration) and right now the seller is out of the small ones, but he'll be getting more. For ETS'ers trying to absolutely miniaturize the stuff in their PSK, I thought this might be of interest here.