Wish I'd seen this thread earlier. Nice to see a new player.
My biggest concern here is the protruding lens. Not because of damage, but purely due to glare. If any part of the protruding lens is illuminated such that it can be seen by the user holding it beyond the 180 degree arc in front of the emitter, then it will become a bright spot that will blind you to what is beyond the lens.
There are quite a few small lights that do this (Photons, TUBEs etc) and these all require the user to place their thumb as a light shield to prevent glare. Purposefully designing a light with a protruding lens as a feature (rather than being due to using a 5mm LED) seems wrong to me. Photon actually fixed this with their 'covert' version of the Freedom micro.
My take on this is that apart from a lantern, there is no excuse for a light to cast any of its beam behind the front of the bezel towards the user.
Not sure about the original timing of the project, but the FOURSEVENS Atom A0 (previously Preon P0) is the answer to if there is a market for a full flood AAA light.