I am a big fan of the Lux V package, and have great respect for Lumileds. I just looked at the data sheets for the Lux V "typical" vs the Rebel, and I could not find a single example (any color or white) when a rebel could outperform even the "typical" results of a Lux V in terms of sheer output. As a practical matter - they don't even match it.
If you get into premium binned Lux V versions, then it is not even the same game. The Rebel is nice, but IMHO, this is a big hole in the PL product lineup. If you use multiple rebels and a mixing optic, then it might make sense.
The one exception would be in the area of "throw". The small apparent die size is very nice for a "thrower".
My past testing of the white Lux V showed little gain over the 700ma due to the older thermal package of the LuxV.
If I were building up a cyan flashlight today, I would seriously consider LEDEngin's 10 watt part as a possible replacement, especially if you can use a star.
