For those wanting some real-life numbers, I just measured the PAR numbers that I am getting from a Zetlight E200s. It sits over the Chaeto chamber of the sump and that chamber measures 24” x 17” and has a water depth of 19” (~33 gallons). The entire sump itself is 24” tall. The light is mounted 5” above the waterline. The light is about 3.5 years old.
At 1” water depth, PAR = 111
At 9” water depth, PAR = 62
At 18” water depth, PAR = 22
PAR was measured using a Seneye reef meter with all four channels of the light at 100%.
AT 1"
A 9"
At 18"
The light panel is approximately 6” x 9”. I have it mounted so that the length of the light runs parallel with the width of the Chaeto chamber. Moving the PAR meter anywhere under the span of the panel plus another inch beyond did not show any significant drop in PAR. Far better to have the PAR spread out evenly than to have a spotlight and burn the Chaeto.
Enough of the technicalities, time for the fun stuff. If Neptune retains the same quality in their rebranding of this light, it should remain a top notch refugium light.
The only complaint I have actually came from the wife. The tank is in the living room and with the bright pink light visible from outside at night, she thinks the neighbors might think we are running a “house of ill repute”, to paraphrase.

(Actually she said it looked like a W.H.;Hilarious)
As far as the water resistance goes, where as I DO NOT recommend this, I actually submerged mine while it was on! (Note to self, pay attention dummy.;Facepalm) Just the shock of seeing the light glowing underwater was enough of a jolt. I sure am glad that’s the only shock I got. I didn’t want to reach for it so I just lowered the water level in the sump (which took a few minutes) and the lights just kept on working. So now I keep them no lower than the top of the sump, thus the 5” above waterline mounting. Still, it’s nice to know they can take the abuse.