Six level output - rotating the selector ring lets you choose from 5 to 600 lumens - all without having to turn on the flashlight or having to go through multiple modes to reach the level you want. There is no annoying strobe mode. Uses two CR123 batteries. This flashlight is not the latest in terms of output but it has legendary Surefire quality and durability. Made in USA. Even at this reduced price, this is more for the flashlight collector than someone looking to impress their friends. You can buy a much brighter flashlight for $150, but 600 lumens is plenty usable.
MSRP is $295 and was at $200 for the longest time. I picked one up last month when the price finally dropped to $150. There were close to 500 units before the price drop, now down to 230. This is a limited production model and I believe this seller bought all of them. I believe the ebay listing is the same seller.