Welcome to CPF Flameon!
There are 2 basic types of LEDs now: Nichia and Luxeon Star (LS). The one you are familiar with, is the Nichia. With these, you gang them into arrays for increased brightness, though you don't get much throw. You get more from your batteries, as they operate below the cutoff voltages of incandescant bulbs.
One 1 watt LS equals 10-15 Nichias in brightness and still makes batter use of batteries than incandescants. LSes come in 3 flavors: low dome, high dome, and side emitter. The latter 2 are suitable for use with reflectors to obtain the throw that incandescants are known for.
The other point of white LEDs is that you get white, not yellowish light.
LSes still have color problems, but it is getting better.
If you want a superior LS based light, get the Arc LS, from Arc Flashlight. (see the Arc Flashllight forum for more info). THese have the advantage of being to use not only 123s, but AA alkaline and AA Lithiums as well. (1 x 123 or 2 x AA). The owner of Arc Flashight handpicks the LSes that go into the lights.
For info overload, wade through the topics here on CPF.