My understanding is that while it does conduct electricity, it isn't a great conductor and typically the metal is part of the circuit. Not a showstopper, just an efficency thing. You could alway work around it.

It also conducts heat poorly, and for new (hi powered) LED lights, heat dissipation is importaint to conduct the heat away from the LED. This would suggest you would need to use something else for the heatsink or not use high output components.

While it is light and strong, it is heavier than aluminum, so in order to break even in weight, it has to be thinner than normal and most lights are pretty thin already.

It is also very difficult to machine which drives up the price.

Don't get me wrong, I love Ti. It's actually one of my favorite materials. But you got to do a lot of work to have it make sense in a flashlight.

-john (who has a Ti crowbar, handles for his knife, clips, etc.)