I got a pair of Inova X5 lights on the strength of this thread over here
http://www.bladeforums.com/forums/showthread.php?s=&threadid=192019
I also own an original Surefire 6P which is very similar to the E2 (65 vs 60 lumen rating according to Surefire's web site), and that has identical light output to a Streamlight Scorpion which I also own when they both have fresh batteries.
I have to agree with everyone else here, the two types of lights have very different purposes. The newer Inova X5 are basically the next generation in low-medium output lights, what Mini-Mags with Krypton bulbs were they came out. The Inova will, more or less, replace everything else I have for 90% of the use I have for flashlights. No they don't have nearly the light output of either the Streamlight, or the Surefire, but they put out more than a Mini Mag, and their batteries last even longer than the AA cells in the Mini!
More over, they are lighter (in weight) than the Surfire, Streamlight, or Mini Mag. Yes the batteries are a bit more expensive, but not on a per-minute of burn time basis. On top of that the Inovas are WATER PROOF (though I don't know what kind of depth they would take), and the LEDs never - to all practical intents and purposes - burn out!
I'd say the X5 represents a clean leap in flashlight technology. The Streamlight/Surefire do to, to some extent, but from an engineering perspective, they are just trading higher current for more light, something they can do only because the Lithium cells let them do it. The X5 takes advantage of some much more interesting characteristics of modern LEDs.
Back to applications, there are times when one wants to throw a lot of intense light. Those applications do exist for me too, but much more often, I have need of a flashlight to illuminate the area immediately in front of me, or in a room. Not only is the X5 illumination level more appropriate (less painful to your own eyes), but the greatly extended battery life bulb toughness makes them much more reliable, and therefore a much better choice for, for example, a jump kit.