I agree with the other posters the Fenix P1D CE and Surefire e2e are both good choices. The P1D is doubly-impressive because of the tiny size coupled with high output. Plus it avoids the "where do I get new lithium batteries" problem, since it can run an RCR123A.
I've gifted several two-cell CR123A lights, and invariably the recipient has trouble after the batteries run down. For this reason I now either include a 10-pack of batteries, or restrict the choices to a single-cell light which can accept an RCR123A, and include a nano charger.
The e2e is a great light -- very bright, easy to use, small size. However it takes two batteries and can't use rechargeables.
The L4 puts out a lot of light but the beam is a very broad flood. It's not really a general-purpose beam design. Of course flashaholics understand such beams have a useful purpose, but to the average person, flood beams don't look as bright and generally aren't as impressive.
Another option might be an Orb Raw or Orb Ns, both available with the Cree XR-E emitter. The machined metal finish has a nice appearance, useful for a gift situation. The XR-E emitter in the Orb Raw transforms it from a short runtime "pocket rocket" to a multi-output general-purpose light. Using the XR-E, I think run time on high is about 1 hr, at about 80 lumens.
http://candlepowerforums.com/vb/showthread.php?t=143557
The tritium locators available with the Raw are also a nice touch.