I have a current-generation L2 and once I got my Lumapower M1 it started sitting on
the shelf. This is mostly because the M1 can use an 18650 rechargable lithium battery and get something like 27 hours before it reaches 50% brightness on low. On high it's something like 4 hours to 50%. The runtime numbers are somewhat more like the L2 when the M1 has lithium primaries, just brighter. However, the M1 is a throw-light and the L2 is a floody light, so it's a preferential thing. Are you looking for an every-day-carry kind of light? I have to say that while I like my M1, the bezel is a little wider than I'd like it to be, so if you have small pockets it may not be the right one for you. In your position I would look at the Fenix line of products that take 123a lithium primaries:
P1D CE:
http://fenix-store.com/product_info.php?cPath=22_55&products_id=158
~ US$ 67.95
~ One 123a battery
~ Keychain size
~ Twist-type switch
~ 5 modes
~ Cree emitter
P3D:
http://fenix-store.com/product_info.php?cPath=22_55&products_id=227 (pre-order until 4/20/07)
~ US$ 61.50
~ Two 123a batteries
~ Larger than keychain size
~ Reverse-clicky tailswitch
~ 5 modes
~ Cree emitter
According to the owner of
http://www.fenix-store.com, the P3D will not accept 18650 lithium rechargables, but will take 17670s, a slightly smaller diameter and slightly longer battery and usually chargable in the same charger as a 18650. You're not going to get quite the runtime from a 17670 light as an 18650, but it should still be pretty good.
Other options might be:
Ultrafire Alpha-C1:
http://www.dealextreme.com/details.dx/sku.2672
~ takes 2x123a or 1x18650
Ultrafire C2:
http://www.dealextreme.com/details.dx/sku.1446
~ takes 2x123a or 1x18650
Several of the new
Inova lights might also be the ticket, depending on what you want. Lastly, don't discount 1xAA or 2xAA lights as options either. With the arrival of low-selfdischarge batteries like the Rayovac Hybrids and Sanyo Eneloops, rechargable NiMHs have come into their own and are perfectly viable options for a serious light.
EDIT: I forgot about Wolfeyes as mentioned by the other posters. While I don't know much about them, they have a positive reputation as builders of quality lights.