Out of the P01, P02, and P03 I think I use this one the least - but, if I were to take it on a trip it would be my first choice for a small thrower because of the extra battery life compared to the other two models. The LED power seems identical to the P03 in my tests. The stepdown is not overly dramatic. Throw is good with the FFL351A for a warmer versatile light, but the throw from the Osram CSLNM1 is very good and always surprises me for its size when I test it outdoors. Another benefit of getting the P02 over the P03 is that it has a pocket clip, unlike the P03. Some have complained about the user interface on the P-series, but I rather like it. You have basically three settings, with a high/low version of each one. Long click to enter low, normal click to enter medium, and double click to enter high. The main issue with the UI is the inability to switch between low and medium modes without cycling the light off, but in real world use I think it is inconsequential. Simply adding one off-click fixes it real quick: so to go from medium to low would be 2H and low to medium is 2C. To enter high (turbo) is another 2C from medium. Simple enough! Love what Fireflylite is doing with their innovations moving forward. The addition of the rubber button is a nice improvement over the inconsistent and stiff metal button. The magnets in these lights are quite strong and functional, and the Aux lights are bright and vibrant! Altogether a win, especially for the price.