what exactly is a CREE LED bulb and why does it seem to be so popular?
Cree is the largest manufacturer of LED modules. They have many different kinds, such as XP-G, XR-E, XM-L, etc. Each module has different characteristics, runtimes, beam color tints, output, and so on. Most (but not all) high-end LED flashlights on the market use Cree modules.
Also, it seems that with some lights, the momentary on-off function (slightly depress power button with out getting the "click") now serves as a programing function. So instead of getting a quick flash I will go into programming mode?
There are 3 types of common tail switches: Forward clicky, reverse clicky, and press/twist.
The forward clicky activates the light when you push it forward, giving you the option to "flash" the light momentarily (called "momentary on"), and when it clicks forward all the way, the light stays on. On a light with multiple modes, you can sometimes cycle through these modes quickly by tapping the switch.
A reverse clicky only turns the light on once it has fully clicked and you release the tailcap. These do not have a momentary on feature, and if the light has multiple modes, you can sometimes change through them with a "soft press" or tap on the switch, once it has been clicked on.
Press/twist tailcaps (like the old fashioned Surefires) work by pressing the tailcap for momentary on, and twisting it to turn the light on permanently.
Those 4Sevens seem really nice but they are a little pricey as compared to other brands. Originally I was considering something in the $30-40 price range for starters. Perhaps they are much better quality and worth it?
I have found that flashlights are very much like firearms in that you often get what you pay for. You can compare light brands like HDS, Surefire, 4Sevens, Jetbeam, and Nitecore to firearm brands like HK, Sig, and Beretta. If a flashlight costs a lot of money, it
usually is for good reason. Are Surefire lights worth the price? My 3 Surefires have proven to me that, yes, they are. If you want a AA flashlight to carry around in your pocket for general use, you probably don't need to spend more than your $30-$40 budget for a very decent light. Take a look at the new Jetbeam BC and BA series. They are simple 2-mode (high and low) forward clicky budget lights. I have the BC10 (runs on 1 CR123 battery for 270 lumens), and I like it very much. On that note, read up a little on ANSI ratings, and look for them in a flashlight's specs, as ANSI is the new industry standard for measuring output, runtime, etc. Manufacturers sometimes cheat and put LED lumens (output made at the emitter), kind of like horsepower made at the engine versus at the rear wheels.
it seems that the "low" setting is a little bright for reading or indoor use??
Yes, I have recently found that anything higher than about 2 lumens is too bright for pitch-black indoor use. Some lights (many 4Sevens included) have a "moonlight" mode that gets down below 1 lumen. You'd be surprised how useful 0.2 - 0.5 lumens can be when your eyes are adjusted to the dark.
I think it's made in China though, but then again probably 90% of all lights are...
Yes, that's mostly true, but many Chinese light brands are very good quality. Keep in mind that these days, Chinese technology manufacturing is pretty much at the top of the heap. Surefire is one of the only major flashlight brands that is 100% USA (Maglite and HDS are just a couple of the others). But that comes with a price. So...
Surefires are pretty much out of the question because they are way too expensive. Are they even worth it?
Again, in my opinion, yes. But they aren't for everybody. The average casual flashlight user can get a very good, Chinese-made, amazingly bright and technologically advanced flashlight for about 1/4 the price of a Surefire.
Good luck with your research, and don't assume that this will be the last light you ever buy! Once you start, it's hard to stop.