If there was an LED light capable of photon-stripping car paint at 5 feet, we'd all have to have it.
That being said, I think the 3 watt Luxeons are seen as a good compromise between the 1 and 5 watt models, even though you could put 5 high-bin 1 watts together and make a nice light.
Heck, you could put a Luxeon in a stuffed woodchuck and we'd buy it if it was regulated, had a lanyard hole/belt clip, and had good optics.