I'm withholding judgement on whether the new Gerber design is reliable. The old CMG design was pretty good but even that went through several iterations. The new one is definitely cheaper looking and is made in China. Its design is quite a bit different than the old version and I don't think you can extrapolate from the old version's reputation. I won't say the new one is crap, it just seems less excellent than the old one.

If you want a bombproof 1AA sized survival light, try a Tek-Tite Trek Lithium. It's direct drive and uses a 3.6 volt lithium computer battery with very high energy density (not a normal AA cell). The battery has a 20 year shelf life. The light itself will stand ridiculous pressure extremes, like 1000 feet of water or something. The LED voltage bin is intentionally selected to keep the light pretty dim (still plenty for a low powered survival light), which means that it will run for 200+ hours nonstop without getting much dimmer. It has strap lugs for attachment to a pack or diving gear. You can get them from www.batterystation.com in the LED light section. Because of the dimness and exotic battery, it's not a good choice for everyday use, but is just about ideal for a ditch bag or lifeboat kit.