The P1D has pretty amazing throw for such a small light, even with the orange peel reflector, and the beam is pretty nice without one for a smooth reflector light, so it's not a make or break situation either way as far as I can tell.
So, the orange peel will not totally destroy your throw, and it's absence will usually not give a beam that is all that bad.
Just to put things in perspective, the worst beam I have ever seen on a smooth reflector Fenix CREE based light was still every bit as nice as my old incandescent Surefire (that was supposed to have a "perfect beam" according to Surefire).
This isn't a knock against Surefire, it's just that folks have gotten a lot fussier over the last few years, because some LED lights now sport really amazing beam quality.
Still, it's nice to have the ability to slightly tweak the lights beam pattern to match your needs, so I would think over the tradeoffs between throw and a slightly wider smoother floodier beam.
My Dorcy 3D cell light is so tightly focused that it will light up things out to more than 100 meters (and reflective street signs to more than a quarter mile), but the hotspot is so small and bright that it's not the light you would want to use to go looking for something in the bottom of a box in the closet.
On the other extreme, as the luck of the draw would have it, my brand new L0D-Q4 Fenix light is floodier than my original (now lost) L0D-CE (even though both have the same smooth reflector). At first, this torqued my jaws a little, because of the lost 'throw', but I have grown to absolutely LOVE my new L0D-Q4's floodier beam (because I can use it close up and still get all of what I am looking at into that gloriously wide hotspot).
So for close up work, I find a slightly floody beam is ideal, but others will have other requirements, and some will want more throw, no matter what. One of my friends uses a L2D to walk at night, and likes the fact that it's wide spill area is more than bright enough to see what's near your feet, while the tightly focused spot can reach out 60 feet or more to see what you are walking into.
So I guess the bottom line is that both options have their advantages, it just depends on your specific needs.