Lithead,
The L6 comes with Luxeon 5W LED. I inadvertantly fried the circuit (driver) of a L6 by accidentally shorting the input leads while the circuit was powered up. The fried circuit resulted in the LED being in direct drive from what I could tell. Since I needed to do something with the mess, I decided to install a new driver and whille at it, replaced the 5W with a Luxeon III. The Luxeon III doesn't have the luminous output of a 5W but in any given reflector or optic, the light that is produced will be focused in a tighter beam angle and allow for a greater effective range of the beam.
Typically, the Lux III will give longer run at a lower flux with a narrower and higher concentration (lux) compared to a Luxeon 5W. The preference of one over the other is dictated by the desired goals and required function of the beam.