In answer to your first question there are few excellent companies producing LED flashlights and like many things it depends upon your intended use and available funds. ARC, Streamlight, Surefire, INOVA and number of other companies are at the top of my list. I would have suggested ARC, but there are some productions issues right now on their popular AAA & AA sized lights. Here is a link to a forum on all types of lights that might help you.

http://www.candlepowerforums.com//ubbthreads/ubbthreads.php?Cat=

Both Target and Wal-Mart are carrying a number of lower priced LED flashlights that will meet the needs of many.

As to your second question, I would have to respectfully disagree. With the exception of perhaps law enforcement, the general move is towards LED lights as the light of choice. Pete