its not really a question of surefire vs arc, but rather how you're going to use it. the arc LS is meant to be as small as possible, whilst providing a light output that is useful to 99% of people 99% of the time.
the L4 however, is not very different in terms of runtime, light output and size as an E2e. it can be said to be a regulated LED version of the E2e, kinda like how the arc LS is a regulated LED version of the E1e.
that being said, i would still recommend the arc LSH-P, simply because i've found i don't really have much of a need for anything brighter than that, whether incandescent or led based.