It's all a matter of what you want. As my personal carry lights, I now have:
1. A KL1 overdriven to ~1A with a Q3J and NX05 optic.
2. A KL1 overdriven to ~1A with a Q3J and Fraen LP optic.
3. A KL4 with a KL1 circuit overdriven to ~900mA with a Q3J.
4. An E2e head that gets tagged in every once in a while, but not much lately.
I'm only doing this as a comparison of the pocketable lights that I have. All, except the MN03, will run on an E1e body and are truly compact.
As far as outright throw goes, the Fraen LP is still the king of the hill, but this comes at the cost of side spill. It's really not much good for up close work.
I still find the NX05 optic equipped KL1 to be the best all around performer. It has a little better throw than the KL4 with not as much side spill. This, of course, applies only in lights too small to accomodate the PM6 reflector.
The KL4 with the 1W is just a pleasure to look at. I'm EDCing it now. There are no artifacts in the beam at all. Just a hotspot in the center that makes a nice transition into sidespill. It's beam is similar the the 5W beam in that it puts up a wall of light, but also has throw.
If the reflector of the KL5 is going to be similar to the PR, it will in all likelihood, allow us to do away with the E2e incand. all toghether, if the KL5 is equipped with a 1W or 3W LED. All of the setups I have, give the E2e a run for its money. I'm hoping they'll do better when my 3W's get here. I have a McLux PR on the way and if it lives up to all I've heard, I will likely retire my 2 cell incands. If the 2 cell incands retain any advantage in throw and that extra throw is needed, I would probably be better served grabbing my M3.
There's just that something about the 1W/3W with a reflector. It just makes for a very nice light. I only wish that Surefire would have embraced this concept. It seems that Surefire only embraced the concept of using a reflector to overcome the problems associated with running a 5W with an optic.
I think it's safe to day that the days of the 2 cell incands are numbered.