bigred,
I personally do not own an Arc LSH and will have to remedy that soon. If you are looking into an LED and can't decide between the LED and the G2, you could just get into a Surefire E2e. For the price of an Arc LSH-P, you could get the E2e and a KL1 LED head for it. You could have the best of both worlds for less than the price of the Premium Arc.
Don't get me wrong. I have had my hands on Arc flashlights and believe that anyone who appreciates fine flashlights must get an LSH. But if cost is an issue, the Surefire E series is a good way to get into both an Incand and an LED at a very reasonable price. The E2e with either head is also very EDC friendly. The KL1 can also be easily modded to suit your needs. If in the near future, you would like something even smaller, then you can get your hands on an E1e body and transfer the tailcap and KL1 to the E1e body and have a super EDC friendly light.