I paid about the same price for a custom-made Lambda Illuminator--a 1W Luxeon built in a 2AA Brinkmann flashlight. I also bought his "Ill Pill" to convert one of my 2AA Mag lights to a 1W Luxeon.
The brightest Luxeon I have is the Surefire KL3 for the 9P, but I use the Lambda more, because it's smaller. I also have the KL1 for the Surefire E2e which is my bright, four-hour light in my bag.
However, while I like Luxeons, I didn't go over to them as my mainstay lights until the 5-watt ones came out. I just can't say enough good things about the Surefire L4. This is the light (and I think I got a good one) that just screams.
I use the Illuminator for lots of things around and under my desk, audio equipment, and computers where the 5W is too much.
I have looked at the SL 3AA Luxeon, and I suspect you'll get a lot of good light out of it for a long time. Remember, it will most likely be there when you need some light for a long time.
Cheers,
Richard