I bought an Apex a few weeks ago and I think it's great. The main beam is like a searchlight, it was by far the brightest torch on the recent OM Windy Meet! I've seen nothing like it on the hill (except when I use my bike lights!), but the dimmer LEDS work well too for more general light and power-saving. The waterproofing hasn't been an issue yet so for me it's more of a nice-to-have than an essential.
Two things that you get for the money (and I don't know if you do with the Icon):
- regulated current circuitry so that the light power remains constant until very near the end of the battery life.
- clearly stated that the torch will take alkalines, rechargeables, or lithium batteries. I like to use lithiums as they're lighter, longer lasting and far less susceptible to cold. (I'm amazed Petzl didn't sort that out with their much-heralded new Myo XP).