OK, had a bit of a play with mine. First off, the battery (2s2p 18650 LiPo cells) is absolutely crap! Must "recycled" laptop battery cells. They only last about 15 minutes and "charges" in about 10 minutes! They simply won't hold a charge. But, I sort of expected that.
The light itself is actually reasonable quality. Hooked up to a variable bench top power supply, it draws 2A at 8V, i.e. 16W input power. It regulates the power to 16W even if the input voltage varies. The lower limit where the light output becomes affected is around 6.4V and shuts off around 5.5V. I went up to about 9V (didn't dare any higher). With one LED on it draws 5W, with two LEDs on it draws 15W (!), with all three LEDs on it draws 16W. This is obvious in the light output as well in that there is very little difference between 2 and 3 LEDs on. It seems that the 2 LED setting is probably unsafe and I won't be using that mode.
At 3 LEDs on, it gets pretty hot after about 15 minutes sitting on the kitchen table. Certainly too hot to hold in your hand for more than a couple of seconds. I've not measured the temperature, but planning on measuring the LED chip case temperatures to try to determine what the LED junction temperature is. I hope they are within safe limits, but wouldn't bet on it!
Light output is excellent, comparable to an average car headlight. Nowhere near the advertised 5000 lumens, but I already knew that.
Bit of a long post (sorry) but in summary:
1. Count on throwing away the battery.
2. Light output is more than adequate even for serious night time mountain biking.
3. 2 LED mode is probably unsafe for the LED chips
4. Case gets pretty hot in 3 LED mode (same in 2 LED mode)
5. Longevity a big unknown at the moment