If you like Mag products they are coming out with a line of LED flashlights "shortly." The release date keeps changing, but it should be in the next few months.

http://www.equipped.org/shot_show_2006_LED_flashlights-4.htm

Look for the MagLite section on that page. Here is a picture.

http://www.equipped.org/pp/pic10320.htm

A fully regulated, 3W Luxeon sounds good. Who knows if it will be?

The Streamlight ProPolymer Luxeon gets good feedback.

http://www.flashlightreviews.com/reviews/streamlight_propolyluxeon.htm

I have a Fenix L2P which I really like, though it's shorter than what you mentioned. They are high quality and affordable, though a lot of Americans are turned off by the fact that it comes from China. I like to support American business, but couldn't resist the L2P and L1P.

Take a look at the Flashlight Reviews site I linked to earlier in this post. The LED Museum is another good review site.

http://ledmuseum.home.att.net/ledleft.htm

LED technology is progressing so rapidly right now that something better will be out in a year no matter what you buy. More manufacturers are also realizing that the general public is not going to buy CR123 battery based lights, so more and more AA, AAA, C, and D cell powered lights are showing up.
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Paul