***In short***
For me and my eyes and the ambient light here:
The L5 works good out to about 30 yards. The P60 does about the same job out to about 50
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***Long winded answer***
Distances below measured with laser range finder.
Birdhouse at 19 yds:
P60 - very bright hot spot
L5 - house nicely lit and brighter spill gave a more complete picture of surrounding branches
Blue shed at 23 yds:
About the same as above, more detail in P60 hotspot, but better overall view with L5.
White shed at 34 yds:
L5 - starting to get weak on the surrounding grass and trees.
P60 - hot spot spreading out nicely
Tree trunk at 44 yds:
L5 - shows a gray shape of the trunk and limbs
P60 - looks a little more brown and can see some bark detail as well as some of the smaller branches.
Bush at 52 yds:
L5 - I could see a lump of something
P60 - I could see the bush and some leaves and it was green.
Beige shed at 84 yds with some ambient light from nearby street light:
L5 - not really making it.
P60 - lit it up noticeably.
Brown brick house at 104 yds with some ambient light from nearby street light:
L5 - Noticed very little light on the white trim around windows and door when flashing it on and off.
P60 - Lit up the trim much better and could see some of the brick work.
L5: Inside a building or close to the house I would prefer the L5 as it has a brighter spill, almost providing that wall of light so often mentioned about the L4 or L2 (I have those as well) but with a little better throw. I can see a cop using an L5 with that combat grip to sweep out a house or building, not worrying about blowing a bulb.
P60: Outside where I would be looking for brown and gray at distance, i.e. owls, my cat, livestock, deer, I would go with the P60.
If my work/hobby needed light at 30 yds or less, and included all colors I would go with the L5. If it was 20 yds or less I would go with the L4 or L2 on high. If it was 20 yds or less and you needed longer runtimes, I would go with the KL3 or the L2 (on low). If it was beyond 30 and I was looking at trees or animals or livestock and needed to see grays, tans and browns, I would go with P60. Beyond about 60-70 yds though I would want to step it up to something beyond that. The only other thing I have is an M4 and that works nicely at 80 to 100 yds. I can dimly light up a tree at 127 yards with the low output lamp.