The LED with the best throw, bar none, are Malkoff's maglite mods -- driving a Seoul LED (brightest single-emitter available) as hard as it'll go, with a big smooth, focusable reflector.
Here is his website. He's also coming out with a kit to modify your own (as opposed to pre-modded). Should run for several hours at 100% output on alkalines, and days at reduced output, or a lot more hours at 100% with NiMH followed by a fast drop to nothing.
The M1 is very nice, no question, but it's still more throw than flood, IMO, even with the OP reflector.
Agreed. Even the version with the textured reflector is the longest throwing LED light I have, also probably the nicest build quality of any of my lights as the moment. IMHO that light is much better though with 18650 -- as there it gives phenomenal runtime, and a much lower "low" level. Since the lower-level brightnesses are accomplished using a resistor, low isn't as low when running on CR123, more of a "medium" that extends battery life than a dimmer ouptut. Runtime is also on the short side with CR123 (1hr 30min regulated on high) -- using the lower mode will still give you a lot of throw -- more than most other LED lights for around 6 hours though.
I can not vouch for these lights, but I'll give you links to some LightReviews.info reviews of lights you can get at DealExtreme.com or KaiDomain.com. They have great throw and are only about $25.
the Ultrafire C2 is definitely the best of the DX/Kaidomain lights that I've used -- haven't tried the Eastward YJ, but the C2 has just the right balance of throw and spill IMO -- very narrow, well collimated beam, but also a lot of spill -- enough to still be useful even when your eyes adjust to the "spot" from the beam. Kaidomain also just put up an HA-III version as well for only $26.10. Its regulated on 2xCR123, but will drive the cells quite hard, so it won't offer much for runtime (maybe a little over an hour). It's lower brightness than the Lumapower, but draws more current -- so the driver is less efficient. For a light that is regulated though and has good through, and decent build quality, it's a bargain.
If you're after runtime though, I woudl suggest getting some 18650s -- I know that Battery Junction cells protected 18650s for around $6, another good source is AW on these forums. Those store more energy than 2xCR123, and most drivers tend to be more efficient in the 4V input range, so those batteries will pay for themselves if you use them a few times compared to throwing away $2-$3 every battery swap.