Ok, so had a little time to fiddle with this light now. Initial impressions are that build quality is on-par with everything else Fenix makes, which is to say very good. Maybe not trust-your-life-on-it-bombproof-tactical, but excellent for exploring and hunting. The IR light is a big floodier than I prefer, and I found myself having to fully extend my arm in kind of an awkward jousting position to keep the backsplash from my MNVD. It is not a throw king, but I'd say it illuminates out to 80 yards quite well.
Of course the white light is nice too. It is impossible to go for IR and accidentally get white, which is nice. To switch between the two, you rotate the head, which appears to use some sort of detent-based force-to-overcome method. It has separate reflectors emitters for both white and IR light, and the reflector is built such that it completely covers the unused emitters.
I am happy and will keep it.