Anyone feel free to correct this I'm admittedly just thinking aloud.
Well if the new luxeon needs 7 volts that would really only make it good for 3+ CR123 cell surefire applications with some type of digital regulation, as I see it.
If you add on top of that the runtime say of 45 minutes (ignoring heat and high rate discharge chars.)......personally the only advantage I see over the current bulb offerings would be it's ability to take abuse and long life.
That is certainly a BIG plus in my book, but that said, with the LED application you'd loose runtime over a P90 bulb, the bulb and reflector could cost twice as much to replace. Also you'd probably be looking at a larger lamp assembly to combat the heat since LED's run brighter and longer with less heat.
So while I still think the 5 watt 120 lumen LED is amazing, I don't think it's going to replace the e1/e2/M2 sized flashlights. Maybe the larger Z3 sized lights.
Todd