I use one every Tuesday night for proper mountain biking – its very good. Tight focused spot, bright enough as its very focused. Lasts 2+ hours on full brightness, thats after owning it for 5 years with the same battery. Never gone wrong.
When out on the trail its very hard to tell if its brighter or dimmer than the newer ones – sure the new ones are brighter, but also with a more broad beam, so in real life its not that noticable.
You will be happy with it. Sure the latest are brighter, but if you just want one as a spot on your head, its perfect. I use it in conjunction with a bar mounted light, so have the best of both.
Also you can get a replacement battery from USE service dept if you need one – about £30 IIRC.