I'll probably be in a small minority here, but I actually quite like my P14.
Irrespective of the recommendations, I use mine with NiMH batteries, and haven't had any issues so far in doing so.
Yes, there are better lights out there for the same or less, and yes, I'd like to see regulation, modes, less reliance on battery packs, newer LEDs, etc. The M7R brings some of these features to the Led Lenser range - though still not a perfect implementation, and only at an even higher price tag!
So yes, there is still work to be done, but things are getting better.
Having said the above, why do I still think that they have a place, and are worth keeping an eye on as things improve? Pretty much entirely for the focus system. There are a number of focusing light out there, and I admit that I have only tried a small selection of those lights, but the Led Lensers work the best in that respect of the focusing lights that I have tried. The flood setting provides a very even level of light right across the beam, with only one ring in it (an artifact caused by the optic, and pretty much inavoidable with the optic being used) - otherwise, very clean. That can then adjust to a bright, pencil thin beam that throws a good distance. Admittedly, white wall hunting shows the tight beam to be very ringy - but that isn't uncommon with XR-E emitters. You don't notice the rings at a distance in normal use.
So, electronically, not a great light, but the optics make up for it - assuming of course you need a light with adjustable focus. That's the LL's forte. If they can eventually combine that feature with modern electronics, and bring it to market at a reduced cost (yes, I want my cake AND eat it), then you could have a genuine contender.