IMO, the LM301 has a lower low, but because it uses a resistor, I don't think the run time is nearly as good as it could be. The LM will have a bigger difference between high and low because of the lower low. I think the L1T has better throw and output (I don't think the output is a huge difference). Both beams are quite nice, but the LM is floodier. I am not a particular fan of the off-low-high switch in the LM (it's not bad), and prefer the bezel selection method for the Fenix. The LM is cheaper, but not by that much if you include shipping. In the end, they're both nice lights.