I'll point you to the excellent site flashlightreviews.com. They have a review of the LED upgrade there, and also a review of the unmodified light as well. Everything you wish to know can be found there. I would have suggested this earlier, but I didn't think he had a review of the upgrade there yet. I just checked again, and found that he put one up in October. There are some other upgrades available as well, so you may want to browse around and see what else is available.
But for less than $5, I would have bought the upgrade already.
Let me know what you think if you buy it!