I have several Surefires, including an E2 and an E1e. They're great lights, though as mentioned, consumables can be spendy. I buy batteries in bulk and save alot of money that way.
I've played with an Inova X-5, and when the new version becomes more available, I'm certainly planning on getting one. It's a great light for general use, but mostly for things up close.
My only criticism of the LED lights I have experience with is that they lack the "throw" that incandescents do. The blue tint of the "white" beams aren't really a problem, but when I need to see something "out there", they don't fulfill the mission for me.
I have a Franken-light, a 2 D-cell Mag, converted to 3 C-cell use with a Luxeon Star high output LED. It puts out an amazing amount of light, but still doesn't reach the back fence in our yard, not a long distance at all. LED technology will hopefully equal incandescent performance in the future, but it doesn't now, and of the high-performance incandescent lights on the market, I'm sold on Surefires.
Later this year, there are plans to release an LED conversion for the E-series lights, as well as several LED-specific designs. I'm not sure how these would compare with lights like the Inova or ARC LS. You may want to keep your eye open for those in the future.