I don't know what you consider "small", but a Surefire L4 is pretty bright (2x123, 5 watt) while being about half the size of most 3x123 lights.
If you want something smaller, try the Firefly with a T flux led and an MM+, so it will run in the 2 watt range. It's about the same size as an Arc AA, or about half the size of the L4, but 2x the size of the Arc AAA. See DSpeck's forum hereon CPF for more info.
Smaller still, there are some custom Luxeon mods for the Arc AAA, usually running around 0.5 watts, which will be around 3x as bright as the stock AAA. These show up for sale on BST sometimes. There's a new TNC N-cell light which will be comparable to that.
There are also some very wonderful custom Luxeon 1xCR2 lights (like smaller Fireflies), but those rarely if ever show up for sale.
If you're looking to buy a practical, ready-made light small enough for easy pocket carrying without going all-out to win miniaturization contests, the Firefly is your best bet. I'd say get the default BB650 configuration with the two-level switch, even though it won't be QUITE as bright as the MM+ setup. It will have flatter regulation and it won't overheat as fast.