The L4 is more of a flood light than the e2e and brighter as a whole close up than the e2e. The L4, and the luxeon LED's are very effective, I think if you got one you would not be disappointed. With the L4 you don't have to worry about blowing or replacing the bulb. The e2e has the advantage in greater throw, a little smaller size, and cheaper, but thats about it. I get the sense from the way you ask the question that you seem tentative about LED's, the 5 watt luxeons hold their own againt the smaller bi pin lamps. Many CPF'ers are split, many loves LEds, and many are still loyal to incadesent bulbs, sorta like red and blue america!! LOL!! I love LED's, to each his own i guess.
Hope this helps, and welcome to CPF, I love the people here, they are very intelligent and friendly, and you'll love them as well. Though a few can be really passionate about their opinions. And when two passionate opinions clash, you have a pretty heated debate, with both trying to suppress the other's opinion, thats the only thing i am not enamored with here. But 99.7 percent of the time CPF is a absolutely wonderful place.