IMO 3AAA and 4AAA lights are not that good mainly because of the lack of regulation and how hard the AAA batteries are pushed. Alkaline AAA batteries(the only ones LedLenser recommends) aren't meant to stand up the high current draw that the LEDs need so they drop in capacity and voltage pretty quickly. This means that the light on the higher modes will drop in output relatively quickly.
Actually, the extra cell in there providing the 6 volts gives a decent runtime curve, a far departure from the literal exponential initial drop of older LED Lenser offerings. The P7 will still have 50% of it's initial output after and hour and 20 minutes, on the high mode (not turbo-momentary). It actually holds it's brightness better than some flashlights that DO have circuitry in them (Inova Radiant 2AA for example)
P7 review w/ runtime graphs:
http://www.messerforum.net/showpost.php?p=504265&postcount=13
Inova Radiant AA review w/ graph:
http://flashlightreviews.com/reviews/inova_radiant_aa.htm
I think the T7 should be perfect for what you are looking for, compact, great build quality, extreme durability (a CPF member has dropped one of these around 75 feet onto rocks during caving, it lit up just like new, RIDICULOUSLY IMPRESSIVE imo, probably because there is no circuit board to break hahaha), tight bright beam with no spill, and you still have the option for a low mode as well as a flood, should you ever need them. Also, it's waterproof at a depth of 1 meter for 10 minutes. Everything else except the head is waterproof, and the head will still easily hold up to rains, just don't use the focusing in heavy rains, it might suck water into the head. I like the way they've made their tailcap, and despite what you would think, it's pretty waterproof. Just under that metal button lies a rubber O-ring and rubber boot, which is secured tightly to the wall by the retaining ring. The new LED Lensers are definitely worth a look.