I have both of these lights. I don't think that the L2 has as much throw as the XO3, but IMHO, the L2 has a more useful beam. For a room search, I would much rather have the L2. It is no slouch either though in the throw. It does a pretty good job. It is a very nice light and built like a tank!
I've owned both lights in the past, and while the XO3 may out-throw the L2, it isn't by much! Like ront said, the L2 IMHO has a MUCH more useful beam. Inova lights are of very good quality, but the Pentagon lights are no slouches either...they ARE built like a tank! If I had to choose between one of the two, I'd go with the Pentagonlight L2: excellent throw AND great spill light. To me, it's just a better "all-around" light. YMMV...