Hello, I'm a bit of a flashoholic as my bank book testifies.
The question of LED vs incandescent may not be so easy to state. It depends on your needs. If the light from a mini maglite (2xaa battery powered) is enough for you. I would get the mini mag and put a led drop in kit from
Inretech ~ 20 bucks This will give you the ability to have more light than the stock minimag and when you drop 2 lithium AA batteries in you have a reliable light that will be ready when you are. Lithium batteries have a shelf life of 10 years and are not adversely affected by frigid temperatures. I live in cold climate and my minimag (with the above) doesn't fail me when left in the car overnight at zero degrees.
Led's do not have the powerful light throwing capabilities of say, the tec 40 (princeton tec). I put a different bulb (kpr103) from radio shack and power it with lithiums. Light weight, small, good light throwing, inexpensive ~ $20. The bulb will burn out after several hours of use. So have spare bulbs with you. LED's last for ~ 100,000 hours incandescent much, much, much less. Whenever you really need it expect the bulb to go.
Surefire lights (designed for specialized tactical use such as blinding a badguy)only last 5 hours before you can expect the bulb to go. Batteries last an hour. I put a led on a surefire and it's my edc. lasts ~ 7 hours between battery changes. That's a looong time if you use it "normally" on/off for relatively short periods of time.
A trade off of light output for battery duration.
To some up this windy post. If you need to see the dark <img src="images/graemlins/smile.gif" alt="" /> AKA a very bright spot type light than led is not the way to go. If you need a more diffuse flood than Definitely LED is heaven.
Get more info on this or post your question there where you will be overwhelmed by all the great advice and wrangling on which is the best for your needs at
candlepower forums Tom