Since they're keychain lights, I don't use either style for ranges more than a few feet. However, comparing the red covert Freedom Max I have to a white regular style Freedom Max, out to maybe two or three feet I don't notice a whole lot of difference in the beam spread of the spot, and that's how far I'd want either style to throw. The covert is really nice for not distracting the driver if you're checking a map at night while riding in the passenger seat, which is pretty much the equivalent of how I use it. The regular style will distract a driver.
The beams at six feet or more are quite different but then agin, I wouldn't normally use any keychain light for a range of even that short of a distance. Neither style Photon light is going to be pumping out a huge number of lumens so I generally carry at least one or two other lights for reaching into the dark, but up close, if not my Surefire E1e, it's pretty often one of my Photons that I grab. These lights are nice for a lot of reasons, but also just because they aren't super bright.
IMHO, you can't go wrong with either of 'em, or just about any Photon for that matter.