I don't have first hand experience with either light but to put it simply (because that's the extent of my knowledge)-
The L4 is a 5W Luxeon LED made by SureFire, The Tec 40 is an incandescent made by Princeton Tec. Both companies make a good light but SF's are metal and more rugged.
The main difference is that the L4 is an LED which will run a long time with out burning out the "bulb" it is also regulated I believe and will thus drain the batteries better, also giving a cleaner whiter light till the end of battery life.
I know you will get more educated answers but that might help.
Oh yes there is also the cool factor in a newer technology /ubbthreads/images/graemlins/smile.gif