I don't know how it works with the Terralux, but it works very well with the Nite-Ize 3LED or 1W drop in.
I think the IQ switch with the 1w drop-in is an excellent upgrade to a Minimag.
I know it isn't a Cree, but the IQ switch works great, and the 1w makes plenty of light.
The cost is about $8 for a Minimag, and about $20 for the IQ switch /1w Luxeon combo.
Seems like a lot, but you get a switch with a "find me" flasher, multiple light outputs, "bright enough" beam, a very pretty beam, and a familiar form-factor. I would guess that runtime should be good, and the Mag is a tough little light.
What is not to like?