I too purchased one of these from LL. The blue is definitely NOT 470nm but I was pleased to see that the blue was single mode, a PL450B most likely. In spite of the box being pretty badly crushed when I got the unit the alignment was pretty decent. The only complaint I have is that the red diode died (LED'd) after about an hour of use.
For the $123 (including shipping) I paid for the toy I figured it would be less hassle to just replace the red diode myself.
Anybody got a single mode red diode 638-650nm, around 200mW, they'd like to sell?