I had an L2 for a while, but I sold it because it seemed to be a battery eater. The low beam is way too bright and drags the batteries down too soon to the point that the high beam won't even come on. For trail walking or up close the flood beam is hard to beat. I have a U2 which I have found to be far superior as a distance beam. It all depends on what you want it for. I do think the U2 does better at both uses than the L2. Yea, the U2 is a little bigger, and more expensive, but I would rather HAVE and USE a U2. After having and using the L2 with it's twist switch, I find the click switch of the U2 to be much easier.
After having and using both the L2 and U2, I must add something for you to think about. And that is my latest light the Milkyspit ML1. The ML1 is a modified L1 which has two light levels. It has the body of the L2 but much shorter and lighter. The ML1's low beam is perfect, and on high beam it has the power and beam of the U2 on about power level 4. The ML1 is definately a bitchen little light.
IF I could only have one light, It would be a coin toss between my U2 and my ML1. The U2 would probably win out just for the fact that it has a click switch and is MUCH easier to use one handed.
JMHO, Good Luck.