LED Lensers tend to be overpriced for what you get. For instance, LED Lensers have:
1. Many LED lensers are direct drive single mode lights with no regulation. This means they dim rapidly as the battery runs down.
2. The few regulated models tend to only have high-med-blinky modes... similar to what is found on many budget $10 lights and far inferior to the modes and UI found on high-end lights.
3. They have plastic optics and reflectors. Many other high-end lights have coated glass optics with metal reflectors.
4. Dated LEDs which produce far less light than the latest LEDs found in other lights. Here I suspect it may be a conscious decision on LED Lenser's part. Their main feature is the zoom which does better with older, but higher surface brightness, LEDs.
5. Type II anodizing which wears through rapidly and looks like crap after minimal use. Inferior to Type III hard anodize which is standard on other lights of similar price.
6. Switches that tend to wear out and break.
7. Does not tailstand.
8. Not waterproof (understandable, because making a zoom light waterproof causes issues with the zoom mechanism self-cycling due to vacuum pressure).
9. No support for li-ion batteries. A AA-sized LED Lenser only runs on AA.... it won't take 14500, etc. Not much of an issue for a typical user, but it is a big issue for flashlight enthusiasts found on these forums.
The only thing LED Lensers have that makes them stand out is the superior zoom mechanism. They hold the patents to it so this feature is unique. Without the zoom mechanism the rest of the light is really no better than a cheap budget light you can buy for 1/5 the price.
The LED Lenser zoom mechanism is fairly good. On my LED Lenser, light output does not noticeably diminish zooming from spot to flood in a ceiling bounce test. Pretty impressive considering that on all the cheap clones using aspheric lenses light output dims dramatically when doing the same. However, despite the good zoom mechanism, the rest of the light just isn't good enough to overcome the price. You can buy much better and more functional high end lights without the zoom for the same price.
For the price of an LED Lenser you can buy a different brand of light, that is waterproof, looks better, has a much longer lasting finish, has 4x the light output, many more modes, a much better UI, and can throw nearly as far. Why would you want to buy a Lenser?