I don't have another LS to compare against my LSH-P, but i have a new Inova 5X.
Beamwise, I much prefer the LSH-P. It has a definite hotspot, which throws MUCH further than the Inova. Its peripheral beam is also much bigger. My Inova doesn't really have a hotspot, but it's very nice for up to about 20ft, being uniformly bright from middle outwards. It's also a bit bluish. My LSH-P is very white.
Build-wise, I prefer the Inova; it's got about the best build i've seen, on par or even better than the other 3 SureFires I have. The 123-TSP tailcap of my LSH-P is very functional, but that rubber cap could be better. It can actually be pulled out, I think. Also, i have some translucent stuff on the rim where the LED bulb meets the reflector, which looks like glue. No idea what it is.
Size-wise, there's nothing like the LSH-P. That's the reason i bought it.
Price-wise, it's freaky expensive. The SureFire 1E + the KL1 LED is about $100 total, and you get both the incand and LED head. But as I said, size-wise, the LS beats everyone (for that kind of beam).
Would i buy it again? Yes, i would.