The nite-ize have come a LONG way since back when they were either 5mm or 10mm LED options only. Last time I picked up a 2-cell nite-ize PR bulb for the MIL from the local hardware store, it was on close out for $7 and works very nice. A slightly cool, almost neutral tint and good, reasonable output. Was a smaller emitter, IIRC it looked like an XPE.
The hands down budget winner is the Rayovac LED bulbs for ~$3. Similar output to the factory incan bulb but exceptional runtime. A bit towards "angry blue" on my examples, though. Great for a blackout light anways. I have a number of them stashed in tin foil for my "oh sh1t" can as they would work with any PR bulb application within their voltage range.
Now minimags are easy! Similar output to stock bulb without POOF and with, literally, weeks of runtime (I'd have to look for the thread but I feel like when I did a test it was 1+ month continuous of 2AA). Look at a 5mm LED stuck in place of the bulb. Just have to trim the leads a little and hog out the reflector a little bit. Works great! I've tried it with Nichia GS and it worked amazing. I also tried it with some warm white LEDs from ledsupply which worked great. I have some other high output LEDs which I'd rather use but just haven't messed with them yet.