gecko - I'll write something up on my website (actually have, but decided it was too long to post), and link it back here sometime this weekend hopefully. It's really quite simple though, here are the only "decisions" you need to make... (details will be later....
Appearance - "nice" housings either modded or made, or cheap "whatever you have around" housings, prototype boxes, etc... housing has little bearing on utility other than potentially as a heatsink and for durability/ruggedness/weathertightness purposes and ease of designing. If you have a machine shop and the skills, the sky is really the limit. I don't have funds, machine shop, or skills, so I scrounge (some creative ideas I've seen, someone used stainless steel salt/pepper shakers for bike lights... someone else made a pocket light out of an altoids tin...).
LED types - Cree XR-Es.... okay, that's a no-brainer at the moment
Brightness - # of LEDs and/or watts to drive them at
Beam style - reflectors or optics choices as desired
Power/runtime - battery choices in capacity (mAh), volts (to match circuit desired), size, weight, costs, including charger speeds, charger costs, etc
Mounting methods (cheap bar clamps (<$1) to fancy bikelight mounts to helmet/headlight mounts)
Other considerations :
Separate battery pack vs integral battery pack (I say separate, always, but that's me)
Portability - welding to handlebars is probably not the best plan, although Hope sells an integrated light/handlebar stem combo...)
Adjustability - tilt/swivel/etc
Upgradeability - you could literally encase a single heatsink mounted
LED/reflector, and all electronics required, into a 1" cube of acrylic with just wire leads (or a jack) and the heatsink coming out of the back and the end of the reflector (and a protective unbreakable lens) on the front, and it'd work great, but it would be a bit hard to mod later on. I might have do this sometime though, sounds fun, and easy to mount anywhere and virtually indestructible...
I personally care little about looks, and mostly about utility, cost, brightness and runtime. Anyhow, more to come...