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I have one of those, great for hiking etc.
Not sure reactive lighting and cycling is a good though, don't the instructions say it can dim entirely when facing car headlights or something?Suppose you could use it on constant but @gillies will need to decide if he wants worry about changing modes while racing.
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Seeing as it's an "extra light" I didn't think dimming in car headlights would be a problem, not like a bike's lights are going to make much difference in that situation anyway. I just like the auto mode for times when I know i'm going to switching between needing to see far, and looking at something at arms length.
I can recommend the Petzl reactik. Adjusts it's brightness depending on the situation, i.e. scrabbling through your backpack it'll tone it down, then on the trail it'll go nice and high. I have the "plus" version and I've used mine skiing at night, handy having the red mode for when it's slow going, much calmer. Also capable of USB or AAA power. Double strap is also comfortable and a bit more secure.