Introduction
I've watched the online comments on the Pocket Spot
Spotmeter with interest. The company manufacturing/selling these
is Metered Light, the same folks who brought us the well known Red Light
Metrolux and Metrolux II enlarging times.
To me, that reputation meant that the Pocket Spot was
probably a well thought out, well built unit. But I'd never held
on in my hands, and the price listed on the website ($450, more on this
later) was a bit high. Ok, not too high for a good light meter,
really, but high considering I already own three spotmeters. I'm
an equipment junkie, sure, but there are limits.
Enter Matthew Cordery, who lives not far from me.
Matthew bought a Pocket Spot, and generously offered to get together
with me so I could snap a few pictures, and we could compare the results
from the Pocket Spot to the results from my other meters.
The Meter
The Pocket Spot is a well thought out spotmeter. Despite its
small size, there's no missing functionality - the small size is a
result of cunning design, not shedding ability.

Instead of having the usual optical viewfinder, with a small hairline
circle to indicate the metered area, the Pocket Spot instead has a bore
sight - you look through an open hole to aim the meter and select the
metered area. In the photo above, the bore sight is on the left
end of the meter, and you can see that I didn't have it lined up quite
right. When I first read about the Pocket Spot, I worried that it
would be easy to look through the bore sight and have the meter at a
funny angle, so that you'd be metering something other than what you
expected. In practice, though, as the photo shows, any
misalignment is immediately visible, and thus misalignment just doesn't
seem to be a problem.
In order to have the bore sight cover the correct 1 degree view (and
not a smaller area or larger area), you need to hold the meter the right
distance from your eye. This is accomplished by the cunning trick
of looping the lanyard around your neck, and letting the lanyard length
dictate how far away the meter is from your eye.
The meter display uses a format that will be familiar to users of the
Pentax Digital Spot - a two digit LED display with two extra LEDs to
show one third stop increments. In the photo, the meter is thus
reading EV 10 2/3. The display is actually quite a bit crisper
looking than the photo - in the photo, the limited depth of field with
the camera lens wide open makes the display look a little mushy.

The top of the meter has a device that will be familiar
to Pentax Digital Spot users, as well. Here, there's a little
analog calculator which works the same way as the dial on the Pentax
meter. You can see that the center section of the calculator
rotates to set the ISO speed of the film used (here, set to what looks
like ISO 32). The setting of the film speed is a little squinty,
but not too bad. The rest of the calculator is clear and easy to
read.
To calculate exposure, you transfer the meter reading to
the calculator by setting it next to the desired zone, then read off the
choices of shutter speed/aperture from the inner part of the dial.

You turn the meter on by pressing the small red button
in the bottom of the meter. If you press and hold the button, the
meter turns itself off after 30 seconds, to prevent running the battery
down when the meter is in its case or in a pack. The screw to the
left of the button apparently holds the meter innards in place.
The case appears to be milled from a single block of
aluminum, with an anodized black finish. The machining and finish
of the meter are excellent - this is not a cheaply built meter.
The optical path for the sensor has the lens well
recessed, and appears to be very well baffled. I'd worry a little
bit about the recess becoming a home for grit and lint.
The Pocket Spot measures 2" x 2.25" x .9", and weighs
4.5 oz with battery. It takes PX-28 batteries - the same as those
used by the Pentax Digital Spot, and thus available easily at most
camera stores (but not at 7-11).
The meter comes with a nice padded case with a velcro
closure and a belt clip on the back. The meter fits snugly into
the case, but is easy to put in or take out.
The specifications for the meter list its range as -2 EV
(yes, that's really minus 2) to 25 EV - a broader range and a full four
stops more low light sensitivity than the Pentax Digital Spotmeter.
Comparison

Metered Light Pocket Spot on left, Pentax Digital
Spotmeter on right
Matthew and I took some time to compare the readings
from the Pocket Spot to those from my Pentax Digital Spot (both the
modified and unmodified meter).
For one round of comparisons, we read the values off a
Macbeth Color Checker under incandescent light:

For all but 4 of the patches, the both the Pocket Spot
and the Pentax Digital Spot gave exactly the same reading. For 3
of those 4 patches, the two meters disagreed by 1/3 of a stop. For
one patch (the purple on on row two, third from the right) the two
meters disagree by 2/3rd of a stop. This is closer agreement than
between my Zone VI modified Pentax Digital Spot and my unmodified Pentax
Digital Spot under tungsten light. I'd use the Pocket Spot without
any worries about it's accuracy when metering differently colored
object.
For the second phase of our comparison, we just walked
outside and metered different objects, including open patches of blue
sky, pavement, foliage, house siding, bright white painted trim, etc.
In all cases, the meters were in close agreement.
We did some informal flare testing, as well, and the
Pocket Spot doesn't seem to suffer from any problems with flare (or at
least, it doesn't seem more flare prone than either of my Pentax Digital
Spotmeters do).
Conclusion
Based on seeing and handling Matthew's meter, I'm very impressed by
the little Pocket Spot. It's a wonderfully thought out, well built
meter that does everything the Pentax Digital Spotmeter does. It's
easy to use, weighs exactly half what a Pentax Digital Spotmeter does,
and is far smaller.
It's a lot of uncompromising meter in a very small package. If
weight and space are an issue for you, but you don't want to yield
accuracy or utility, it seems to me there's no competition, and this
meter is the obvious choice.
The manufacturer's web site is at
http://www.meteredlight.com./spot1.htm. Matthew says that although
the price listed on the website is $450, he got his for $400.
Special thanks to Matthew Cordery for letting me interrupt his
weekend, come over to his place, and play with his meter so I could
write this review!
Update: Sadly, the link I have (above) for
Metered Light is now dead. To answer the obvious questions: No, I
don't know what happened. No, I don't have a newer link that
works. No, I don't know how you might buy a Pocket Spot other than
buying one used. No, I don't know if Metered Light will come back
to life.