I did a test on myself last night (room with only moderate moon light, eyes adjusted) just because of this thread. The P60 lamp assembly shined in my eyes gave me a complete blind spot while the light was in my face, but reduced over a couple of seconds once the light was turned off. I was sufficiently disoriented for about 3ish seconds once the light was turned off.
Using the P61 lamp, I was completely blind for about 5 seconds after the light was turned off and disoriented for another 5ish seconds.
For a defensive use, I got ~3 times the amount of disorientation from the P61, but either lamp only amounted to a matter of small seconds. Obviously YMMV and this is assuming you can aim the light into the eyes under a high stress situation.
IMHO, I wouldn't want to depend on any light source as a self defense tool. The real use for this light is having a small, light, very bright package that allows the use of potential target identification in low or no light situations.
If you are paying $4 a battery for 123s, I don't think the P61 is worth it. If you are buying in bulk @ less than around $1.50 per 123, I think the HOLA becomes more practical.