I have both the new L1 and the E1L and while I have not done any runtime comparisons, I will tell you that to my eyes, the new L1 on high and the E1L seem to put out the same amount of light.
As far as choosing one over the other, it really all depends on what you are looking for. If you want the smaller, easier to carry flashlight and do not care about the two levels of light, get the E1L. If the two levels of light are important to you and you do not mind the increased length, get the L1.
The suggestion I usually have for people who are trying to choose one light over another is to find a local dealer that has both lights and play with them yourself.
Or, you could just go with the standard CPF response and buy 'em both. /ubbthreads/images/graemlins/smile.gif