I haven't used a dropin, so I can't really comment. I thoroughly enjoyed this project though, and I've modded a third one since. You can also do an even more simple one with just a heatsink and a SSC LED.
Edit: I just took a look at the Malkoff site, and it looks like this would be pretty similar to one of his dropins. Biggest differences are that this one has three modes (highest mode won't work well with alkaline batteries), and if you are like me the build quality won't be quite as nice as a drop in. It would be easy to repair though, since you would have the knowledge to build it in the first place.
There is also a good chance the circuit he uses is better quality. I'm not sure about that though.
IMO modding it yourself is better.