Thank you, Black Diamond, for not messing with the formula.
They refining it every year or so, but keep the basics the same. A smart strategy.
I've been using the Spot since version 1. I've used them for alpine starts on hikes and climbs; nighttime descents from just about everything, every time of year; as my sole light on multiday climbing trips (I never felt the need to bring a backup); and lately, for fixing things around a house where everything needs fixing. This light is as comfortable under a nasty kitchen sink as it is in a snow cave (even if I'm not).
Killer features: Long battery life (if you dim the beam to what you actually need). Flood light, which is perfect for low-fatigue lighting while reading a map or hanging around in a tent. Great compatibility with Eneloop batteries (maybe slightly less bright than with alkalines, but plenty good). Compatibility with non-rechargeable lithium metal AAA batteries, for if you ever need insane battery life, or reliability down to -40°. I haven't used BD's new rechargeable custom lithium ion battery, but it looks like a cool option for some uses ... like maybe if you bring a solar charger on a long trip. very good water resistance.
My one complaint—on earlier versions, the metal battery contacts were flimsy. We'll see how the new model does.