HDS lights are, IMO the best, period. Wonderfully robust, customizeable, efficient.
That being said, Henry opts for efficiency over output. Another point: Henry's stated outputs are near-constant for the stated runtimes. That can lead to some loss of overall runtime. To use the example others put forth, a Quark 123. It is a newer light that uses a different, semi-regulated driver with a more efficient emitter. So it may start at 0.3 lumens for the first hundred hours or so, but will slowly dim in output over time, as the cell is no longer capable of providing enough current. The drop in input current, and subsequently output, leads to longer overall runtimes, but not always at the stated output.
The HDS light, however, will start out at an initially lower output, but maintain that output as a constant for as long as possible. So the HDS driver is, in reality, more efficient.