I'd definitely go for the L2P. It's a bit brighter, but has much, much better regulation. With a lithium battery, you can get 3 and a half solid hours of perfect regulation on the L2P. The L1P offers significantly less runtime with a bit less output. What it really comes down to is a matter of size. If you don't mind the extra size, I don't see much of a reason to go with the L1P, personally.