The advent of Cree LED's did not make Luxeon III/K2 lights instantly obselete. There are many fine lights still being made with Luxeon emitters and I would absolutely count the T1 among them. While the Crees/SSC's and better Rebels certainly have output and efficiency advantages the K2 was still an improvement, albeit incremental, over the Luxeon III which was still considered state-of-the-art less than 1 year ago.
There are relatively few lights with K2's because Luxeon had ENORMOUS delays between announcement and production and most makers are either switching or sitting on the fence to see if the Cree/SSC's pan out for reliability/durability or waiting for the Rebels (which I expect is the case with Inova). The K2's DID live up to the hype - but they got surpassed MONTHS after they finally made it to market.
While I'm not a big fan of Inova being in stores like Target, after companies like mine helped build the brand into what it is, it's unfair and incorrect to call them junk simply because they are sold there - that's just snobbery. Inova still has the finest fit/finish on the market pretty much bar none (I'm only saying 'pretty much' because I have an ASP TRIAD 2 on my desk and OMGOMGOMG but $180) and they make a very high quality product and a very reasonable price.
The Inova T series lights are not (thank god) available at stores like Target making that point, which I take exception to anyway, moot.
I handle alot of lights. I go to a few tradeshows every year and we sell many of the best brands and what we don't sell I often buy or get samples of to compare with what we sell. There is no doubt in my mind that Inova is making a well engineered, beautifully assembled product. Feel free to crap on them for their apporach to marketing the lights, I'll happily join in on that, but to dismiss their products as, "Mass marketed Target store junkola," speaks to either a lack of knowledge and familiarity with the products or mere snobbery.