I don't own either, but I've played with both... As far as performance, they are very similar. On flashlightreviews.com, there is a bit of a misleading 'artifact' in the testing leading one to believe that the L2 is inheirantly brighter than the L4 but I've not found that to be true. Maybe that first 5 or 10 minutes, the L2 on high may be brighter but in general, if you use each for 15 minutes then compare the L4 to the L2 on high, they are pretty much identical. The L2 adds the 'low' capability which puts out a very useful amount of light and in my opinion, the L2 is a 15-ish lumen flashlight that allows for more output when needed.
Unfortunately, the L2 adds substantial length to the L4. The L4 can fit in a back pocket as easily as a Minimag but the L2 is quite a bit longer. Personally, if I wanted a Lux V light with 2 levels of output, I'd get the L4 and a 2 stage tailcap. Plus, then you get to choose how bright or dim your lower level will be.