The Fenix L2D is the 2xAA version of the P2D.  Electronically speaking the two lights are identical, just using the two 1.5v batteries to make up the correct voltage.  This allows for use of a more common cell with much simpler manufacturing costs.  In all, a very prudent use of resources making use of the available power supplies and creating 2 lights for little more than the price of one.
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The Fenix P2D is the first single celled light powered by CR123A batteries that I have had the pleasure of using. Because of this light I have developed a real affinity for this compact style of powerhouse. One cell lights are no longer required to be viewed as simply pocketlights, useful only for merely locating a keyhole in the dark or reading a menu in a dimly lit restaurant. These lights show real capabilities in a variety of venues.
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