I bought two Lenser torches at the same time - the P7 (based on various reviews on the web) and this P3, the latter as much an impulse purchase as anything else.
To be honest, I'm more impressed by the P3 than the P7. It is TINY (the dimensions given in the Amazon description are wrong - I think that must be the box size - the actual length is just over 93mm, max. diameter 20mm ,the main barrel only about 14.5mm diameter). That's about the size of an average mans' index finger. I carry it around on my belt in the ballistic nylon pouch that it comes with, next to my Gerber 400 and they are perfect companions. No at all bulky.
The light output is amazing for its size. More than adequate for finding your way around in dark lanes, looking under cupboards for that lost item, searching around engine bays etc. Basically, all those occasions when you think 'if only I had a torch' but wouldn't normally have one - because any other torch is too bulky to have with you all the time. Beam quality is very bright and even. I'd say the useful range is about 20 meters. It does have a focus facility but this is pretty much a waste of time.
Build quality is excellent and it's wearing very well (I've had mine for nearly a year now and it still looks like new even though I carry it around with me every day). I think the only trick Lenser have missed is to put a section of rubber sleeve or similar around the rear part of the barrel so that it would be a bit nicer to hold between your teeth (sounds strange, but I often need to do this to free up both hands!). A magnet on the body would also be a neat addition.
It's better value than the P7. Battery life is impressive - mine's still on the original that came with the torch.