For the money, the Fenix L1P really is a fantastic deal. It's a bright light, runs on a single AA which are easy to find, pretty durable, white, weather resistant, decent runtime. It's a real solid performer. The Raw's are tiny and damn bright for the size. They don't like water though. IMHO, they are a great light to take when you're dressed up going to a party, wedding, etc..great conversation piece and still very usable. The HDS's are extremely versatile. They have a couple brightness levels which allow them to run for 20min on max to 8+ hours on min. They are waterproof, superb HA3, tough lights. Plus, the HDS can use Li-Ion (as can some of the Raw's). All that goodness comes at a price though.
Depending on primary your needs, I would suggest going with the L1P and then getting an Orb or HDS later if you want more great lights to play with and use.
Personally, I carry my B42GT daily. I'd definitely carry the L1P if I didn't already have an HDS.
- Chris