I don't think there are any internal differences. The body is the same, minus the four flat sides vs three rounded sides. It is just a body. The only difference on the shorter head/longer head is the heat sink.
The L2 draw at the cells is ~1.5 amps. This is pushing the LuxV hard, harder than the L4. This might mean more output (depends on Lux lottery though) but at the addition of some length and shortened LED life.
The beam is the same if not similar; wide flood between the L2 and L4.
Unless you can find a McGizmo 2 stage tailcap, or get another source for a two stage tailcap, the L4 is only one brightness. The L2 is designed to be used as a utility light on normal mode with short bursts on high mode.
Read this
thread for the runtime test I did on a friends L2. I think heat kicks the light down before the cells give up. Draw yuor own conclusions. I would say it gets more run time on high when used intermittenly.