see it that way:
1st: dont make these threads, the incan guys dont like them
2nd: it depends on the
SIZE of the light.
... as long as You think of 2*CR123, 2*AA, 1*18650 and similar lights, "normal" incan bulbs give 50 mins of light, while the Led ones (especially the 18650s) give some 2+ hours of considerably brighter light.
but with way larger lights - which as a "plus" offer only about 20 mins of runtime - incans in the 20+ Watt class are much brighter, but need way more power for this.
(what a surprise
as if it were a surprise a Porsche can go faster that a Volkswagen Golf)
the question is: what is of importance for You?
light, small, multilevel light --> Led
brightness, brightness, brightness, but runtime and weight/size does not matter? --> look for an incan.
PS: to compete with the powerlights, one would need led lights eating an equivalent of the current the incan model runs on. That means more than just one led.
Try bike lights: usually the brighter homemade ones feature an Osram 12V/20 W bulb. This one runs on ~ 2 Amps.
To come to a comparable led model, that means 7-8 individual led (and such a light blows the incan away!)
but
cost! effort in building! Thermal management!
use the actual technique for what its best:
led = small handheld lights,
incan = large throwers