I must concur with Steve to some extent. I have an L2P (with an extra L1p body). I was attacted to it because of its very good performance with alkalines. Until the L2P, my only nice light was the Inova X5. Sure, the X5 was incredibly built, but the Fenix's beam looked so much whiter and brighter in comparison. But the brightness comparison was unfair becuase the X5 is a flood light designed for long run times. So I decided not to compare the two.
But I recently got an Inova T1. When I looked at the spots of the T1 and L2P side by side, while the T1 has a slight purplish tint, the L2P spot suddenly looked pukish green in comparison
. Now if you also compare the build quality, it is like comparing a tank to a Jeep. Both are rugged, but there is absolutely no comparison. The Fenix feels like a cheap toy in comparison (only in comparison, it is not cheap hardware otherwise). I paid about $35 for the T1, slightly less than for the L2P. I don't have as much of a hangup on AA alkalines anymore, and without that factor, there is absolutely no comparison between the T1/T2/XO and the L2P.
I think Fenix succeeds by filling voids left by other manufacturers. The L2P provides excellent performance with simple AA alkalines, the L1T/L2T offers two stages for a competitive price, the P1 is a bright and well regulated tiny CR123 light that has not much competition in that price range (some Peaks do compare well, but they are not completely comparable). So unless someone is looking for certain specific characteristics, Fenix lights would come across as way overpriced for someone looking just for a good light. Inovas are so much better built and actually cost slightly less. But if you want a light like the E1, Inova doesn't offer it.