Hi Groo - I got a couple of the Nuwai QIIIs back in March. At the time, the best price I'd seen for them was 2 for $70. I thought that was a great bargain and I've been very happy with them (one for me, one for my wife's purse).
I'd consider it to be at least as dunkable as a Minimag light...don't have any idea on if there's a depth rating for them or not, but I'd try to avoid that.
Now, there's at least one place to get these for $52 for a pair. I think that's a screaming deal. Here's the link to the dealer (I haven't dealt with these guys, but they seem to have a pretty good reputation on Candlepower Forums).
2 QIIIs for $52
I'd say these are definitely a great choice for an EDC for folks who aren't "into" flashlights for the sake of flashlights, and at the price they're right in the range of what you'd pay for a much larger Maglight, which won't give you as much light output.
Just my 2 cents
Dave