The idea of it had appeal to me... being able to dial in a precise amount of light, with infinite variability. So I bought a SWM V11R neutral tint.
The light is of good quality and well made but I quickly discovered that I had no need for infinite variability and that for the most part, a good low, medium, and high covered my needs perfectly. The light had a bit more bulk than I prefer in my pocket for an EDC, as well.
Clicking to get to a few useful modes (especially a thumb operated side switch! a la Zebralight) works so much more quickly and easily for me. In contrast, I found the control ring to be cool, gimmicky, and comparatively fiddly with one handed operation to change levels vs. a thumb operated side click. I also prefer less bulk and a simpler profile, so the bulkiness of this light as compared with some other single 16340/14500 lights was a negative for me. I haven't used the light enough to run into the reported reliability problems or the parasitic drain concern.
Nice light, though. Alas, my virtually brand new V11R sits in the drawer with 20 or so other little used lights. In hindsight, I probably should have passed on the control ring featured light.