"Price wise, the most direct competition for the Night Ize LED replacement bulb is probably the SMJLED in a PR2 format. Most of the reviews on CPF say it is brighter and has more throw."
Paul, you are right on. 
I will be ordering one of these SMJLED PR2  bulbs soon. 
http://www.lighthound.com/sales/mag_flashlight_accessories.htmI still like the low current draw of the NI LED in my Dorcy 4 cell lanterns, especially the 4AA model.  The SMJLED is not a solution here as it will only handle 2 cell lights.
I played around last night a bit again with the NI LED in my anglehead flashlights. When I first powered up I was still amazed by how little output was provided. With the house fully dark and my eyes dark adapted, the NI was just fine. The light is low, but useful. The broad, shallow reflector provides a wide swath of light. Much better for soft room lighting than any light with a hot-spot. My pre-bed bathroom rituals were no problem with this light.  Cat hunting in my house was easily accomplished as well (not for sport, but to toss their fuzzy butts out for the night). If loooong runtime and mucho flood is the need, this is a good solution. 
I tend to use my angleheads as all-around utility/work lights and the NI LED just isn't bright enough for that. I think the SMJLED PR2, will be a much better solution here, and for most other 2 cell applications. The current draw of the SMJLED is double the NI, but still miserly.
TR  "I Deliver"