As of now, Crees are best suited for optics (narrow beam angle), Seoul's are best for reflectors (wide beam angle). Between the two, I prefer the Crees. Generally, for lights with the same apparent tint/color temperature, I find that the Cree has slightly better color rendering. Likewise, I prefer the beam patterns provided by optics, than those with reflectors, as well.
My biggest gripe with current LEDs and reflectors is the bright spill -- this spill represents direct line of sight to a bright point-source, which means bright glare off of glass, or anything shiny. When using light around other people, keeping the glare out of their eyes can be more of a challenge.
optics, will generally have more of a gradual taper from the hotspot to the spill, causing it to be softer and less irritating. That means when it comes to floody lights, I will generally prefer optics, although I have had some good results using reflector-based lights with light-diffusing UCLs. (some light is lost due to internal secondary reflections, but the end product is nicer for working up close).
When it comes to all-out throwy lights, I find I've been getting better results with aspheric lenses than I have with reflectors, anyway. Those are even less efficient at toal lumen extraction, even using reflective tape around the sides, but they are more efficient than reflectors if the goal is actually getting the lumens
onto a target. consider the following photos:
Also, between the two, the reflectors and optics available to consumers are both quite bad -- only extracting 70% of the lumens from a flashlight, at best, is atrocious in my opinion. Considering that those are the results with anti-reflective coated, 99% transmissive glass lenses isntalled, that implies that reflector surfaces themslevs are actually LESS efficient than 70%! Optics are not much better with all the losses to the sides, although generally, with most optics based lights I've been able to greatly improve the output by lining the spaces inside the light behind and around the optic with reflective tape -- that shows poor design on the part of the flashlight maker IMO.
Anyway, I believe that if someone were to make a truly good optic -- that is, with anti-reflective coatings on the entry and exit interfaces, and high-reflective coatings along the edges, much higher efficiencies would be possible, along with the fact that ALL the light can be controlled, could lead to some good results. However, there is nothing like that available, from what I understand. Likewise, higher-efficiency reflector coatings than what we're apparently seeing are certainly possible as well, such as those used in telescopes.
I would be interested in seeing what sort of results might be achievable using some sort of hybrid system -- such as an optic with a reflector to control any light that "leaks" from the optic. Given the cheap parts that we have to work with (no exotic coatings etc.) that might yield the best results. Another option would be to use an aspheric lens, along with an elliptical reflector with the proper focal lengths (one at the emitter, one at the lens interface) similar to how projector headlights work. Something like that with an HID or incan could produce amazing throw.