Reflectors are really designed for use with spherical sources, such as incandescent and halogen bulbs.
LED's on the other hand, are inherently directional. For example, a Luxeon Emitter casts most of its output within a 110 degree arc.
Thus the reflector has to extend substantially forward of the LS in order to relect anything, and typical flashlight reflectors don't do this.
A collimator, on the other hand, captures nearly 100% of the output, and, if properly designed and optically efficient, should do a much better job.
That said, the collimator that comes with the LS/O is designed to focus the light within an fixed arc of 10 degrees. For a one-watt source, this may still be too wide for flashlight use.
However, the new 4-watt LS/O with a 10 degree arc ought to be very impressive!