Most of the Lux III modules will get pretty darned warm and most bikelights are plastic. I have two generic Trek halogen lights that run off 2xC cells... I have an SMJLED in one and a Craftsman Variable Power module in the other. Both modules get pretty warm, but not outrageously so. I've ridden WAY over an hour at a time with both and none of the reflectors have deformed at all. The beam patterns are pretty crappy though.
I have higher end bike lights but to be honest, the one I've had on my main bike for a few weeks now is the Bell 4xAAAA 0.5W light available at Walmart. At $20, I think it's a bit overpriced, but it is as bright as I need, has a good beam, and it has the flashy mode which I like to have as an option. I would rather it have a 2xAA form factor though.