Well, first the physics.
You're not going to see 1000 lumen 1W LEDs ever.
The physics and eye sensitivity mean that 200lm is about the light emitted from a 1W source with a reasonable colour rendition.
You can get up to around maybe 300lm/W with nasty sort-of-white colours.
(700lm/W with monochromatic green)-
Then there is how efficiently you can convert electricity to this white light.
If you have the current blue LED + phosphor model, then for every blue photon you generate that hits the phosphor, at most, you can get one red/green photon out. As the energy of a red/green photon is less than that of a blue one, you lose at least 30%.
This is 140lm/W / 210lm/W for decent or nasty white.
Then you've got how good the conversion efficiency is from electricity - blue photons.
Note that cree has _already_ produced 130lm/W white, which is a bit over
half of the theoretical possible brightness for nasty white , made by shining blue LEDs on phosphor.
So, at best we have a factor of maybe 4 to go from current production cree white power LEDs to the theoretical maximum.
What I think we'll see.
140lm/W 'nasty' white, or 100lm/W decent white.
I don't think batteries are getting much better, and fuel cells won't be flashlight size and power yet.
How would it improve my current lights?
Well, the fenix l0p (1AAA 1W) gets rather warm at max, and being able to have a decent 'warm white' beam at the same brightness, with maybe 4.5* (some for better battery tech, some for better inverter tech, mostly the 3* better LED) the battery life, while remaining only slightly warm, yet being able to clearly illuminate stuff at 20m clearly on high, would make it pretty much the only flashlight I really need.
At the other end, I suspect we will see high power lights, with truly silly light outputs.
Even a 3AA light can put out a thousand lumens for around an hour, which is in the range of most car headlights.