Re: Biting the bullet. Ordering a LSH-P this weeke
I'd say get a second from the Arc website for $60, it's a much better value. The Arc is a nice light but IMO overpriced at $125. The beam is basically the same as a BB400/Q3L in a Minimag, which is half the price. What you get for the extra money is somewhat better construction and a smaller, 1x123-powered package. You lose the ability to run on generic AA's or rechargeables without buying an extra tailpack (more $$), the ability to swap the optics around to suit your tastes, and the ability to use the light as a flood or candle by removing the head.
I have two LSL-P's that I bought as seconds and I'm probably going to give one to my mom and sell or trade the other on BST. They're perfectly good lights but they don't set my heart fluttering the way the McLux does. If I want a functional, cost-effective Luxeon light I'd go for the Mag/BB400; if I want the sense that I'm holding a work of art in a flashlight, nothing comes within 100 miles of the McLux; and if I want a small EDC light with a Luxeon then I'd hold out for the Firefly later this summer. The Arc LS filled a need when it was designed, but I feel it's behind the times now. The new LS4 should be out in a few months (maybe around the same time as the Firefly) and the LS5 a little later, and they will have a lot of features that we haven't seen in LS lights before, so they'll be worth looking at too.
Finally, the whole concept of the "-P" in LSH-P was that Luxeon production was highly variable and you had to buy a lot of LED's to get any with high flux and good color, so those got sorted out into "premium" lights. Over the past few months, though, Lumileds has improved their manufacturing processes so Luxeons are now much more consistent. I'd like to hope that there will stop being a need to pay extra for a "premium" LED, since current production should have the same quality off the line as the handpicked cream of production had last year. That's just like you'd expect with any high tech semiconductor (think of the latest model Pentium or something): they're cranky and expensive at first, but become jellybeans as the manufacturer gains experience with that type of part.