Craig,
The KL1 has been around for a long while now. I'd say that they are yesterday's news. The KL1 was followed by the KL4 5W and now the KL5 and KL6 5W's are out.
To answer your question, yes, I would recommend it. In stock form, it is very cost effective, as far as Surefires go, in that you can get into one for as little as $40, plus shipping, new or as little as $25-$30 used on B/S/T.
In stock form the KL1 will run on 1-3X123's. On 2X123's you'll get about 4 hours of runtime at about 17 lumens. That doesn't sound like a lot, but in total darkness, that's more than enough light for most tasks.
The KL1 has also been a popular mod host. The KL1's can be upgraded to a high dome luxeon of a higher bin providing a better quality of light in terms of color, brightness, and throw. The KL1 can also be overdriven up to 3X's the stock current resulting in alot more light, at the expense of runtime and heat.
Many modded KL1's have been sold on B/S/T for under $100 fully modded with a high dome 1W or 3W luxeon and overdriven to 1A with a Fraen LP optic.
For the price, a KL1 is hard to beat.