I highly recommend the Malkoff M60 and the Surefire 9P/6P/Z2/etc. of your choice.
I was one of those types who stuck to the standard Surefire LED modules, due to the fact that they have thermal regulation and that it's a Surefire part, so it's bound to be more reliable than an aftermarket part.
Whelp, good 'ol St. Nick left me a Z2L (I needed the P60L for another light--long story) and a Malkoff M60. I'll cut to the chase by saying that the Malkoff is most thoroughly impressive. It has roughly the same throw as my X300, but with a whole lot more flood.
Since I've only had it for a little over a day, I cannot comment on reliability, other than to say that it's been Surefire-reliable thus far.
No, the Malkoff isn't thermally regulated. However, the heatsink is so massive, I'm not really sure it will make much difference.
Now for price: a Malkoff M60 variation (Gene has a few different ones) is either $49.00 or $55.00. You can find a Surefire 6P on fleaBay for $55.00 (including shipping). So, for +/- $110.00, you can have a light that FAR outperforms an L2 or L4. A big bonus is that you can pick from Malkoffs with three different outputs, two different tints, and floody beam or standard.