FYI I love my XOs; I've got about 8 of them. And I own almost every production LED light there is, including every model of Inova, Pelican, Streamlight, Nuwai, Dorcy, River Rock, Osram, Futai, Peak, etc
IMHO the XO is an excellent combination of runtime and brightness (and mine ARE bright, about the same or better brightness than a 2-D Mag lite and almost as bright as some of my 3-watt lights). Check Quickbeam's reviews on the XO and the Fenix L1P and L2P, they are radically different. XO has 33% more than double the runtime of the L2P, and for the L1P the runtime graphs look radically different: the L1P loses brightness almost instantly and the curve goes downhill from there; the XO delivers a good 4+ hours of virtually unchanged brightness.
Also, IMO the XO has much more "usable" beam,; the Fenix is characterized by a fairly tight central spot.
That having been said, you can't go wrong with either light. And the XO is a little bit large & heavy. You might want to look at the Inova T1; it's the same price as an L1P, has better runtime and IMO a better beam.
If you're going to compare Inova XO @29.99 to Fenix (either model, but size-wise L2P is the fair comparison) @$46.50, IMO the XO is a better value.
FYI: the XO in its current form is now or will shortly be discontinued, maybe that's the reason for the good price. The new XO is shaped like the T3 but smaller, and uses a reflector rather than TIROS. I received one of thoseabout 3 weeks ago; it's a nice light.