The specs on the new Cree LEDs are looking pretty good... even the *perfect* Stenlight could probably benefit from an LED upgrade.
Even more encouragingly, Lumileds are back in the game, with new K2s which pretty much equal the Crees/SSCs - 110lm@350mA, 240lm@1A, and there are whisperings of a 300lm@1A device on the horizon.
Now, it's not just the one-and-a half-horse-race of Cree and Seoul competing on how to package and phosphor-up the Cree die, which did seem the only game going for the last 6 months or so.
Whether it's Cree, SSC or Lumileds, with a 110@350mA device, that's almost as much light as a LuxV typically used to provide when running flat out, at less than a quarter of the power draw, and with maybe an eighth of the waste heat.
Personally, I like the 'softer' nature of the SSCs (the Crees are more directional, which works less well for me), and having competitive K2s around should be excellent.