My fresnel lens arrived this morning. The beam shape really isn't bad - instead of a tiny hotspot that's no use for anything, you now get a horizontal rectangle of a similar aspect ratio to the IQ reflectors. Obviously it's symmetrical, so biased towards the nearfield, and the edges are fairly soft, with lots of spill.
So not up to B&M standards, but a vast improvement on a typical conical-beam light. I haven't tried it on a bike yet, but I suspect it would be a reasonable 'main beam' or cyclepath light. (I'd want a second light because how much do you trust Chinesium?)
Current draw of the lamp is almost exactly 1A at 5V, for those playing along at home. (If you're calculating run time, remember that USB battery packs quote the amp-hour capacity of the 3.7V nominal Li+ cell, not that available at the USB output. Multiply by about 0.7 to get a realistic figure.)