Yes, the light has a Memory Retention feature for the last light used.
Yes AND NO. The light comes back on in the same mode PROVIDED you leave it off long enough between activations. If you try to use it as a momentary light and turn it back on quickly it will cycle to the next mode. This system is better than many lights that always cycle to the next mode ever time you turn them on, but not as good as lights that have a positive method of changing mode separate from turning the light on and off. The idea is that if you want to change modes you just have to press the button two or three times quickly to cycle through the modes, but the problem comes when using this as a momentary light if your finger slips on the button or if you try to use it too quickly it will cycle to the next mode. Whether this works for you depends entirely on how you are going to use the light. If you can leave it off for about 3 seconds after each use, it will stay in the same mode every time. If you use it once, then use it again right away, it will cycle to the next mode.