Wow, I think about flashlights way too much...
Not at all, good points all around.
LED's have expanded the utility of handheld lighting, considerably - especially the 1-5w Luxeon lights.
I have about 35 flashlights, from Inova X5s to SureFire M3s, and each has a slightly different personality and intended use. 20 years ago, your maglite had to do it all.
Now, we've got a gazillion choices in as many categories.
I find the 1w Luxeon lights to have tremendous utility, my Inova XO and Princeton Tec Impact XL's have exceptional run times, and a very useful, clean, bright - but not too bright - indoor search beam. Close to the perfect utility light, with better light than the previous gen LED's and nearly the same runtime.
I have a number of HOLA equipped SF incans that are very, very bright, but their 20-30 minute runtime consigns them to "tactical" use, and most are dedicated to some self defense application.
My 65 lumen 2 cells, like the G2s, E2e's, and Streamlight Scorpion are either in the cars, in a few strategic spots around the house, or EDC in the case of the E2e. I still prefer the extended range of an incan for outdoor, and EDC, use, although ideally I like to have a low output LED like an X5 on hand in the event I need long term personal lighting.
I like my L4, but it's doesn't get very far outside, and it's (bright) runtime isn't much better than my E2e. It's an exceptional floodlight, especially for it's size and it does a decent job of combining nearly the output of an E2e, with the regulated, low output runtime of an X5.
I still have my old C and D maglites scattered around, in the garage, etc, but eventually they will get replaced with probably 1 or 3w luxeon LED lights, which have a longer runtime and a better light - or the nearly as flexible Streamlight Twin Task lights, like my 3C or 2L.
The problem I have with the TT lights, is the incan goes to he** pretty quickly with extended use, while the LED's just keep on trucking. So if you want long run time, don't expect to run it for hours on LED, and then switch to incan, because it won't be bright. After a few hours, it's effectively just another LED light. They're great when the batteries are new, though, and the 2L seems to maintain incan brightness better than the alkaline versions.