my new L1 came with 3watt. color is better. not much diff in brightness. someone posted old version runs at 350milliamps, 3watt target is 420 milliamps.
mine draws 408 milliamps. huge improvement when I dropped in so17.
It's not a waste of time. The stock circuitry supports it fine, though it will still drive it at the same level (350ma, IIRC). Luxeon IIIs have better color and brightness at the same current level, so it's a big improvement if you have an older L1, IMO, and it only takes a few minutes. While you have the head open, you might as well swap the optic out for a reflector, too.
Greg - I had my L1 head modded with a TXOK and so17xa bezel. It's my favorite indoor light. Great medium range hotspot in full mode, and very good low mode, especially navigating from the family room to the fridge /ubbthreads/images/graemlins/smile.gif!