To me, it is hands down the L2P. The L2T, and to a lesser extent the L1T and L1P provide very good power regulation with rechargeables (and I am sure with Lithiums). But it seems like only the L2P is able to provide nearly ideal regulation with plain old alkalines [FlashlighReview.com]. The L2T does a decent job, but it is clearly not in the same league for alkaline power regulation. Perhaps it is because it is a higher output light, or its regulation circuitry isn't as good, or both.