I unfortunately don't have an M60L, so I can't do a full comparison for you. I do, however, have an M60 and an M60LF. Below is a comparison of those two modules, including the M60 with and without SF's FM34 diffuser, as well as a G3L (which I later discovered to have low batteries in this shot).
Basically what I'd have to say about the M60LF is that it's pretty throwy for a flood lamp. In fact, it's about halfway in between the plain M60's throw, and the pure flood of the M60 behind the FM34. In my use, its throw is just as useful (if not more so) as SF's P60/P60L modules. And compared to those modules, the flood is MUCH more extensive and useful.
And in terms of flood/spill, the M60LF is wider, a touch brighter, and MUCH smoother than the M60. For concerns about the sidespill of either module bothering fellow hikers, I don't think there would be any real difference between the M60L and M60LF - both will be obnoxious, and plenty bright for your buddies to tell you to "point that thing somewhere else".
In the end, I think it depends on where you do most of your hiking/camping. If it's in generally open areas, with plenty of places where you want to see to a very distant treeline, then the M60L would probably suit your needs better. If, however, you're in wooded areas a lot, and not needing to see beyond 100-150 ft. very often, then I'd go with the M60LF.
For what it's worth, I live in a fairly wooded area, and my G2 with M60LF is my favorite light to use outdoors at night. It's the light I'm sure to have on me if I'll be using a light for extended periods of time (and I'll have my C2 with M60 on me for the occasional need for more powerful throw).