Okay, I poked around a bit and found that I did find a loose reflector from McGizmo handy, it is 45mm in diameter.
I know that this isn't a fair comparison, but what I happened to have that was portable is a circuit that delivered 450mA to the CREE XR-E. The exact wattage drawn by this CREE at this current is 1.423 Watts.
I do not know how many mA the Fenix P1 delivers to the emitter, but I had one with a fresh battery I put in earlier today, so I used that as a reference. I just checked the current draw from the cell, and it is measuring 625mA, with the cell voltage dropping to 3.05V. This is 1.91 Watts. I suspect the converter is ~80% efficient, so the power delivered to the Luxeon III in the P1 would be roughly 1.525 Watts- but this is not fact.
I held the reflector in my hand, over the CREE XR-E and thus it isn't centered, and the photo is at an angle, as the truck was in the way. So, we have the larger reflector I used (so please keep this in mind!), and this is what I saw:
Anyhow, I need to run off to bed, maybe I can put together something tomorrow that is a much more fair comparison.