the P7 is
four led in one package, so needs the
POWER of four led
(to give the output of roughly three, but thats too much ...) 
sure it is bright.
To adress what is meant, we name the led by their names, but that might be confusing.
Easier is: P7/MC-E are four led in one led package = "quad-led".
"Normal" led P4/XR-E/XP-G/Rebel/Luxeon, ..., could also be named "single-die" led, they feature "only" one emitter plate inside them.
If a single-die led light is enough for You, then a 1*18650 light gives 2 hours of full blast light.
(for me it is enough, for full trail riding (but I know most of them, go a tiny bit too quick for the light from the single die and am lucky so far, or have someone riding in front of me)).
Difficult to give advice, as one can live with just a single die, the other needs a P7 (= quad led), or even two of them, and does not care for the more power needed ...
As typed, I like my small single-die and can also use it for hiking, caveing, anything a small light is of use.
The comparison between a fully driven P7 and a single-die might be similar than single-die to that Cateye
(but I think the difference between P7 <-> normal led is much smaller, than normal led to Cateye. That Cateye will be smoked anyway).
So:
* the Cateye is only a bit too dim AND You are a
hiker (--> small light) AND You want a good light for all around use:
--> something like a Jetbeam Jet III Pro Ultra, a Shiningbeam L-mini II, Fenix TK11, ...
* You want much
more light than a single die and dont mind that at 30 mins the output is no longer much brighter and the runtime is 1 hour max:
--> some 1*18650 P7 cheapo
* You want a
bright bike-light and dont mind a deal:
--> Dealextreme Bike light with P7