Here we go again
Candlepower
Candlepower is a scientific measurement of light at its source or how much light is produce by an object itself. If a lamp has 200 candlepower, then it produces--at its source--the equivalent radiance of 200 candles. Candles themselves are unpredictable in terms of radiance, so the actually value was replaced long ago with an exact metric definition that roughly equals the light an average candle puts out. Technically, this definition says that one candlepower, or candela, is the same as a monochromatic radiation of frequency 540 x 1012 hertz and which has a radiant intensity in that direction of 1/683 watt per steradian. This essentially transforms energy and frequency ratings into light being produced.
Lumens
Lumens, on the other hand, are a measurement of illumination. Radiance refers to the light produced, not its effect on external objects. Illumination refers to how well the light reveals objects, and the lumen is the primary unit of measurement in this field. This is a more practical term that shows precisely how well the light illuminates other objects based on distance. One candela, for instance, is equal to about 12.57 lumens. Lumens are measured by looking at how much light is radiated out from a single source in the center of a theoretical sphere to the boundaries of that sphere.
Source of the above definitions: ehow.com
Even with a high Lumen rating much cannot be said until you know about the reflector type etc.
This is why the specs 50,000 candles does not make much sense.
As far as visibility is concerned even a micro light like the Photon
http://www.photonlight.com/led-keychain ... -light-ii/ is visible from 2 kms away (I own a few). Therefore it is no wonder if this bulky light does so and it is again not worth mentioning in the specifications and is in fact a poor rating if it is only visible from only 2.3 kms away.
As far as lighting up objects 500 meters away: I am sure that it does not. Not even half of that distance. You can check and write again if it does. A lot of people have researched this on various forums related only to flashlights.
Life time warranty for outer body and for electronic switch which is inbuilt.: The switch is not covered in the warranty. Check.
It can be used for 5 hours in 100% output because its run on 3.6vNicad: I really cannot say if this is true as I have not checked. I hope you have. However I hope you know that the run time curve of Lithiums like the 123A's is always even and flat in comparison to Ni Cad's or Alkalines.
Not trying to pull down your light my friend but just writing so people are aware.