Greetings Corallis!
For camping and home security use, I've found nothing better than the L2. I personally don't like the U2, having used one for about a week... it's larger, has more moving parts and more complex electronics, and is more difficult to "jump" from low to high output (which can be done instantly on the L2). It also sounds like you are having a hard enough time coming up with the $150 or so for an L2, making the U2 at almost twice the price out of your budget anyway.
All of the "Wall of Light" reports on the L2 are true... it really needs to be seen to be believed. As far as throw is concerned, it is quite a bit better than I was expecting after reading all the reports on this forum... I was expecting something that wouldn't be very bright at 20 yards, but the L2 really holds its own.
My only complaint about the L2 is the brightness on the "low" setting, it is just a bit too bright for comfortably reading books in the tent (at least by me)... I wish Surefire would come out with an L2 version that had about 1/2 the "low" setting output. You might not have the same complaint though, many people are quite happy with the "low" output level.
As for the length, it seemed a bit too long to me when I first bought the light, but after using it for a few days I began to really appreciate the handling of the longer length, and at this point don't even notice it! In some ways, I almost prefer the L2 length to the L1 that I EDC...
Whatever you decide, see if you can handle one in person before purchasing in order to see if it is right for you or not.
Best wishes,
Bawko