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yeah SJS have the first edition on offer too... I should have clarified I'm planning on the edelux 2 since it looks to have a better shaped beam and a bit more brightness. Spa might have the newer ones in too, though - I'll have a look.
Thanks for the feedback on the B&M. Glad it's working out for you. I can't remember where I read about the water ingress issues. One of the many forum threads or blog posts out there I guess; it wasn't 'on here'. Hopefully it's something that was a one-off issue, or has been fixed.
The edelux were on offer at Spa Cycles, maybe worth giving them a shout?
I've only used the B+M a couple of times as I now need a new BB because chainline/barends/shiftingnightmare but was pretty awesome-I went along an unlit cycle path to the nearest pub a few miles away and the difference between battery operated regular LED cree style lights and the flood/intensity you get from the dynamo is fantastic, felt like it could have been a motorbike headlight so I'm happy and it will charge all my gubbins too :D
Not heard anything about water ingress-the only thing I don't like is the plastic case and the metal bracket to mount it to the frame feels a bit vulnerable. I'm pretty sure if there was a crash or any kind of lateral impact it would just sheer off where the mount joins the plastic.