I just fired up a 5W Cyan SE emitter bought from McGizmo and arctic-epoxied it onto the end of a solid Al shaft (6mm diameter x 8.3mm length) for some heatsinking (and boy did it get HOT *fast*). Power was supplied using a 8.4V nimh, direct drive.
FOA, WHoooo.... gotta go borrow my Dad's welding mask! Being in the habit of looking at HD/LD luxeons off-axis to avoid direct light, it was a rude shock to fire up the 5WSE because this time looking at it anywhere >30 degrees off-axis actually puts your eyes in the direct line of fire!
Anyway, I fitted to the shaft a minimag AA reflector (enlarged to accommodate the LED+shaft assembly) such that you could move the reflector for focus. With this rig, I found that optimum focus for a spot came with the top of the SE lens still reasonably deep within the minimag AA reflector and moving it closer to the business-end would cause the hole-in-the-middle and all those nasty rings, just as you'd see in a regular mag.
Similar results were obtained with a Mag3D reflector. I shoved the LED+shaft assy into the reflector opening and moved it about til I got optimum spot focus. The spot *was* tighter, maybe 30% or so, with this larger reflector and there was a lot more secondary sidespill - very useful!
So, I guess if you really wanna squeeze the most out of your 5W SE, I too agree you'd really need a larger reflector. A minimag sized one would still yield very good results by most standards, but efficiency-nuts would be disturbed to no end knowing that light was going wasted somewhere.
The one nice thing about the non-white SE's is that the primary optics partially eliminates those nasty BBQ grill bars which are projected in the HDs' beams. What you get is very "filament-like" - coily patterns, or sometimes a cloverleaf-like pattern, in the beam, which, IMHO, is less distracting than parallel bars and should be easier to defocus or diffuse with WriteRight or similar. Of course, if you are using white SEs, the phosphor would take care of that already.
Sidenote: anyone wanting to make a full-power direct drive 5W Arc-AAA-sized flashlight will find that such a small amount of metal mass will heat up to the point of ouch-can't-hold-it-any-more-plonk in about 10-15secs, assuming you could power it. Asbestos gloves would be a necessary accessory (in addition to the welder's mask)!