MTFD,
Depends on what you consider "production" lights. Inretech uses Mags for their mods, the heatsinks, design of parts to make the LED and optics to go together is their design also. I consider Inretech, Elektrolumens and others to be the best way to go. Trash the flashlight? Go to Wal-Mart and pick up another Mag and put the custom parts in.
If you don't like that idea, Surefire will be coming out with 5 watt beasts sometime this year. Have no idea if it will be hot or heading towards Christmas.
One of the things that you will have to figure out is if you want the light regulated or unregulated. Regulation is nice because it will stay very bright until the batteries are almost gone. The bad part of regulation is increased complexity, increased cost, the curcuits eat some power to regulate so the total photon output over time is lower.
I use both myself, the 5 watt Cyan will be mated up with the new LED Supply current/voltage regulator. The custom optics will make it freakish bright for a light that has good throw. My small 3 AAA powered Luxeon that I carry around everyday is not regulated. It is nice to know that as the light dims, it just keeps running (I got bored after running it for 40 hours straight)
You never said how much you wanted to spend! This is a very important piece of information as some of these lights get spendy. Also, what type of batteries do you want to use? 2 or 3 AA Alkalines are cheap, a few C or D cells are really cheap and special Lithium batteries can get quite expensive if you will use the light frequently.
If money is no object, size does not matter much, Inretech has used parts from LED Supply to build lights. He could probably squeeze three 1.25W Luxeons in the head with three LED Supply regulators for a really bright light that will have great burn time (5D cells)
Arc just had a special light they produced, it was a 5 watt Luxeon that was under regulated at 2.5 watts so not to overheat or eat the two Lithium 123a batteries so fast. I believe he has one on Yahoo auctions at this point, the price is over $300 and rising though.