My wife has a 123 and I have played around with a friends 2088. I wouldn't have said they were even remotely close, but maybe that's just my perception.
The thing that amazed me was the tremendous flood coverage, making it a real area light, and the ability to still punch out to a good distance.
When my friend and I were playing around, we did some comparisons, and the 2088 absolutely blew away his MTE SSC P7. Mr G-Man has tested that particular light with his integrating sphere and got a reading of 478.5 lumens.
Here are a couple of comparison shots from when we were playing around; The first shot is the MCE, the second is the 2088:
I don't think even three MCE's together would have matched the 2088.