Sorry, I can't comment on runtime for the "old" L1, but it's around 1 hour and 45 minutes on high and 90 hours on low.
The new L1's are fitted with TIR optics and produce a very concentrated, squarish beam. Some find it useful, others don't. Personally, I like it. If you want flood from the L1, the F04 beamshaper will see to that.
Compared to the L4 which is all about flood, the L1 is all throw and doesn't put out nearly as much light over all.