The new Gerber Ultras are not as nice as the old ones. They're not crap but they're not a premium light the way the Arc is. Gerber also makes a 1AAA light about the size of the Arc, called the Sonic. It's similarly not as nice as the Arc, but it's functional. It costs about $10-12 depending.

If you want a nice 1AAA light and don't want to wait, try the Peak Matterhorn series, http://www.peakledsolutions.com for info. They cost about as much as Arcs do but there's a wider range of configurations and they do ship right away. You can get them in aluminum, brass, or stainless steel; you can choose the LED color including "snow" which is a much more neutral white (though slightly less efficient) than the Nichia leds Arc uses, etc. There are various detailed comparisons between the Peak and Arc on CPF, with the Arc being a slight favorite overall, but Peak having the advantage in several areas.

Arc hopes to get its production problems straightened out. I hope they succeed and that we're not seeing a repeat of last time. They are really nice products the same way a gourmet meal is. You buy the ingredients and put them together with discernment and care. There's not really any risky high tech involved, so the excuses for not having the manufacturing program in order are getting a bit then.