OK, here are my thoughts and beam shots. As you guys noticed already, this thing is definitely big! Below is a comparison in size with comparable 3AA and 4AA lanterns.
It's definitely light though and stable with the batteries in the base. Speaking of, the battery cover on mine was on so tight that I actually had to use one of those rubber jar lid grip things to open it (which takes no small amount of pride-swallowing to admit). As Poppy noted, it has an o-ring but I suspect this is more to keep moisture out of the battery compartment in general. I honestly don't believe it will really float, since the top and base look like they basically snap onto the globe and the do rotate a little around each other (I discovered this when I was trying to figure out how to get the battery cover off). I doubt a light splashing would hurt it, but I also don't believe it's even anywhere in the neighborhood of IPX4 (note that this is not mentioned anywhere on the label either).
Comes with a set of Defiant brand alkaleaks. One thing I think is really cool about this lantern is that the power button is just below the handle; one-handed operation! You guys also already noted that the UI is of the most basic sort. The strobe mode is completely pointless. What practical application could this have? Flash n' dash a bear? Confuse and disorient your potential rescuers?
Low
High
Low
High
If it's not actually 250 lumens on high, then it's at least pretty close. This thing is bright for a AA lantern! The large, diffuse capsule-like globe does a good job of distributing the light and it's not blinding, but lacking a hood I feel like it may still be too bright as a table light. Due to it's design though, you could hang it upside down from the folding hook in the base and it makes and excellent down light. I tried it just now and it not only threw plenty of light in all directions while being up out of eye line, but that the deadspot directly below the top and handle is pretty negligible.
Low mode is roughly 50% of high by my best estimate. This mode actually makes it an excellent table light, providing a good amount of light while being easier on the eyes. I used it a few times while walking back from the park where I took the above outside photos above, in places where I usually use my flashlight and it lit up the dark places well while being easy to hold in such a way that it didn't shine up into your face.
There's some obvious PWM on low, but it's not that noticeable unless you swing it back and forth. Tint is cool, but tolerable IMHO (no blueberry crap).
For a rock-bottom priced lantern I think it's pretty cool. It's certainly as "handy" as it's name would imply. Doesn't appear to be super rugged and I wouldn't expect it to be at this price. There are two faint vertical lines on either side of the globe (probably wiring) and some blobby shapes near the bottom of the globe but these don't create any noticeable artifacts in the beam. Not the size people typically think of as a backpacking lantern, but it's light enough that you could probably clip it onto the outside of your pack or if you have mesh pockets like I do on my pack, you could tuck into there.
Conclusion: Not a bad impulse buy for when you're in HD next.
Actually, these probably wouldn't be bad holiday gifts for your non-flashoholic or generally under-prepared friends and family either.