Here is my first impression of the Storm, after two days and two walks on moonless nights:
Pros:
•super bright high beam
•wide and bright low beam
•wide, relatively bright red beam
•it remembers the red setting until you switch back to white light
•infinite adjustable brightness for high and low beams
•waterproof (IPX7)
•batteries are easy to access
•regulated—won't gradually get dimmer
•switch is easy to feel, even with gloves
•four tilt positions are adequate, feel solid
•lockable
•battery indicator
•battery life is just as long as the Spot, even though it's almost 50% brighter
Cons:
•it's heavy: 3.9 ounces with alkaline batteries
•it's bigger and bulkier (than the Tikka)
•it's less comfortable on my forehead
•the switching system is a little bothersome
•it reflects in the top of my glasses frames
My old headlamp is a Petzl Tikka Plus. It weighs 2.7 ounces with 3 batteries. The Storm weighs 3.9 ounces. It uses four AAA batteries, rather ingeniously shoehorned into the same space as the Spot. Lithium batteries would shave half an ounce off the weight—a welcome improvement.
Black Diamond says the range is 70m, same as the Spot. I think they're being modest. I was able to illuminate hills that were 200m away, and I could reasonably see objects at least 100m away (I stepped it off). While I wouldn't use the high beam frequently around camp, it is really nice to be able to see things (bears, maybe?) in the distance very clearly (oh, it's my dog). It is, of course, too bright for use in camp unless you dim it, but for camp use the low beams are ideal.
The low beams (a pair of "SinglePower LEDs") illuminate a nice wide area—we're talking a good 20 feet on either side and ahead of you, making walking and general nighttime tasks a piece of cake!
The red LED is brighter than the Petzl Tikka XP2 (at least when compared in the REI bathroom). Once my night vision kicked in, I could easily see 20 feet, maybe more.
The infinite dimmer feature is a nice touch: you hold down the switch and it steadily dims until it reaches the lowest setting, when it blinks as a signal. Then you can hold the switch to make it brighter, and it blinks again to indicate full brightness. This surpasses the disappointing Petzl XP2 with only one low brightness.
Because the beams are so bright, they reflect in the top of my glasses (my little Petzl had a lip that prevented light bleed). I don't think it's a deal breaker, however. I tried a piece of electrical tape, but it seemed to make very little difference and the tape blocked the red LEDs, which aim more downward.
The system of switching between high and low may take a little getting used to. It is admittedly a bit of an annoyance that every time you turn it on, it is in a different setting: high, off, low, off, etc. To get the low setting, you must press the button three times. Be careful: if you press too quickly, you get the flashing mode instead! Not entirely sure why Black Diamond didn't offer the stepping options like the Petzl. But you learn to work with the system and it's okay.
Once you go into red mode (by holding the switch for 3 seconds), it stays in red mode every time you turn it on, until you return to white light (hold 3 seconds again).
Hold the switch for 6 seconds, and it locks in "off" mode. Very nice when desired.
A thumbscrew holds the battery compartment tight (waterproof). It's easy enough to unscrew, even though has a tight hold. The batteries are easy to change, but pay attention to which direction they go: it's marked, but this may be a challenge to figure out in the dark. The fourth battery is nestled behind the outer three: Black Diamond found a way to get an extra battery in a space no larger than the Spot!
The Storm is also regulated, unlike the Spot or Tikka XP2. That means it retains the same brightness throughout, until the batteries die. A battery indicator changes color to warn you (if you remember to check it). I've never used a regulated LED, but I already like the concept. The downside is, once the batteries drop below a certain threshold, you're out of light, unlike the unregulated models that just get dimmer and dimmer.
The Storm is bulkier than my old Petzl Tikka Plus. The latter was SO comfortable I could forget I had it on. Initial impression is that the Storm seems to bounce a little on the forehead, which is disappointing. I immediately noticed an irritation where it rubs my forehead: I'll give it more time before deciding if that's going to be a long term problem.
Bottom line: if you want the versatility of a super high beam, a broad low beam, an infinite brightness, and a bright red beam, all under 4 ounces, the Storm is the best bang for the buck.

What a bunch of whiners complaining about it is too heavy. This thing is 100 lumens and blows the doors off of the Tikka. I have owned 3 Tikka's and still do. If it is too heavy then a heavy head lamp is the least of your problems whiners.Bottom line, I hiked all over the place at night with this thing and I could see the trails plain as day. This headlamp is a steal at [$].

Went back to REI today. Exchanged the orange model for the black one. No red light bleed through!! Now im doing my happy dance...
If you get anything other than the black case, make sure you check it out prior to purchase to see if the translucent case bothers you!