Slightly confused.. is it not sealed on the sides?
Are you asking about the light in my link?
If you are, no it isn't sealed at sides. The reflector has an O-ring around the outer circumference at each end that seals the front around the lens and at the back against the mount for the LED. I will be changing these O-rings as one of them is a bit iffy.
I have the same light and mine doesn't have the O-ring at the LED end, so any water entering those holes in the side can and will get to the electronics. There is a recess for it to sit in, it's just not there. Also there's not so much as a molecule of heatsink compound or silicone O-ring grease in there either. Maybe all this is how they cut the price for £50 down to £30.
Bear in mind mine is a slightly different model (Deal extreme XM-L)... but yes, as far as I'm aware it's "meant" to go orange when it gets low, and at full power until it gets low, show green. Mine never changes even when low.. both lights are on
Now I've taken it apart its clear that both lights are on on mine too!!!
The battery indicator LEDs are tiny surface mount things so easy enough to remove, I will then reasemly it with fitting the missing O-ring and using heatsink compound and silcone grease. I'm going use blob of glue from a hot glue gun where the cable leaves the housing too. I'm not at work now till tuesday though so it will have to stay in bits until then.
Overall I think my light is pretty rubbish. I guess you get what you pay for!!!