I have a Fenix BT10, which claims 350 lumens. I've not seen an independent measurement of that or most of the other Fenix bike lights, but the BT20 claims 750 & was measured at 770 in an independent test, so I think the Fenix numbers are more likely to correspond to reality than yer average Chinese light does.
I've used the BT10 on a late September overnight right (Reading-Lymington), running off a very old Vistalite NiMH battery pack rated at 2.1 amp hours. It lasted all the way to daylight*, much to my surprise. I was expecting to have to switch to the backup battery. It spent most of the night on medium (200 lumens), with short bursts on high & a little while on low.
Uses standard or rechargeable AAs. Given that it'll run off 4 x 1.5V, I thought it was worth trying it on 5 x 1.2V, & it's been very happy with it. But 2 x 3.7V is contraindicated, according to Fenix.
My experience with it makes me trust Fenix lights in general. Seems very well made, & it has the basics such as reverse polarity protection. Beam shape may not be up to German standards, but it's a bit more focused on where it's useful than the usual 'flood everything with light' style. I'm content with it.
*Just! Dropped to low (lower than standard low?) & stayed there, which is what it does when the battery is low, as I was about to switch it off. The slow death is a useful feature, IMO. You get a 'get you home' light instead of sudden darkness.
[Much later]
I've seen an independent measurement of light output which reckons Fenix rounds it down for the BT10, as well as the BT20.