Watts has nothing to do with light output, only energy consumption (and as a result battery life). Lumens is the measure of a flashlight's total light output.
If you want to compare flashlights, lumens is the only value you can really use.
I agree. Topline LED lights made in the last year or two are far more efficient, rendering wattage irrelevant as a comparison. I would add 'runtime' to lumens as a practical measure. Another factor is that lumen output rating is affected by the color of the light.
My suspicion is that a flashlight still marketed with a 'wattage' rating may be an older and less efficient model.