Tricker, I highly recommend the LiFePo4
http://www.cpfmarketplace.com/mp/showthread.php?t=125353
Pros:
(1) Safe Chemistry - will not potentially vent/explode like the other Li-ion types.
(2) 3.2V - so you get to use all the different modes (high/turbo/low/stobe/SOS).
Cons:
(1) Not protected - you must be careful not to over discharge it. If you do, it's not going to vent/explode like the other standard Li-ions potentially do when deeply discharged, but you run the risk of damaging the cell.
NOTE on runtime of LiFePo4: Others on this forum seem to think the run-time is an issue. That really depends on your usage. With a rated capacity of 500mah, your P1D will run for close to 1 hour on primary mode (96 lumens) drawing about 350ma initially (check the link above and someone actually tested the runtime and had some graphs, etc). I use my PID Q5 as a EDC, with an average usage of 10 minutes a day, so every few days, I simply swap batteries and recharge; I don't wait till it runs low. If I need extended runtime, I simply carry spares in my car or bag, etc.
NOTE on standard protected Li-ion: Others may recommend standard Protected Li-ions running at 3.0V or 3.7V. Personally, I am not comfortable with the chemistry because these kind of Li-ions depend totally on a piece of electronic circuit board to keep it "safe". The protection circuit when working will keep the those Li-ions safe. However, should the protection circuit fail, then you run the risk of deeply discharging the cell and that could potentially cause venting. The P1D has a pretty airtight body, so if those li-ions vent, you have the potential of a mini bomb going up in your pants!