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For around $55 dollars, you can drop in a Malkoff Devices M60 Q5 lamp that will outperform anything made by Fenix, including their newest T1.
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But it's still too big and heavy to carry every day and still takes two CR123 batteries instead of one AA rechargeable. But being the gadget junkie that I am, I'll add it to my wishlist anyway!
I completely agree on the Fenix modes. The L1T V2.0 had only two modes--like the T1, I guess.
Dunno about Fenix's lumen ratings as I can't test them directly. I will say that in every situation where I've had to opportunity to compare a Fenix light to someone else's light, Fenix's rating has held up to within my ability to eyeball the difference. For example, my L1T V2.0 is noticeably brighter than my 60 lumen Surefire flashlight and very similar in brightness to my Luxeon upgraded Maglite which is rated at about 110 lumens.