Actually the best pocket torch I have ever had is the one I now use.
It was a gift from HK with a large order, based on a Cree XPG it had a good beam and I was pleasantly surprised to find that it was actually waterproof.
The annoying thing was every time I switched it on it would go into silly flashes. I took it apart and fitted a 7135 based driver which was set to come on at full power and then click down through medium to low. A bit of overdrive off the microcontroller gives 1550 mA on full, naughty, but the LED is still OK.
Nice to be able to switch it on and all it does is work.
I ordered several and converted them for some of my friends. Very light, compact and powerful little torch.
I suspect that the scam torch is very likely a series resistor with a microcontroller or something crude and simple. All of their low voltage lamps are similar. Just for the fun of it I tried an XML on direct drive from a quality Sanyo cell fully charged and got 3.3 amps, it makes one wonder.
I did a strip down evaluation of the £20 torch that started this thread which I will post later.
My avatar is a poor likeness.