I picked up a Fenix P3D Cree version today. I was awestruck by the amount of light. I have another 3w led that is supposed to put out about 50 lumens or a bit brighter and better quality light than my old d-cell Maglite.

The Fenix clocks in at 12/53/120/215 lumens or about 4x the output in a form factor that can only be described as pocket fitting (114x21 mm). I can't speak to the durability just yet but judging from it's manufacturing quality, it looks like a winner. The light is very white, not blueish and not yellowish either. I opted for the CR123 version rather than the AA which is about 33 mm longer and 84% the brightness. Comes with a belt carry pouch and lanyard.