I just bought a Princeton Tec Corona. This is an 8 LED array which can be run with 8, 5, 3, or 1 LEDs, plus a dimmer circuit mode, and a flash mode.
I didn't want a 'big' LED because they drive me crazy, and since they are not user changeable, a failure would be catastrophic. Chances that all 8 LEDs go at the same time seem minimal.
This thing puts out more light than the 12 LED flashlight I purchased early in the year. As I understand it, this has a 1m splash waterproof rating, and the heat exchange is via a metal block, rather than air venting. Runs on 4 helmet mounted AAs, so no tacky cord.
So far, so good. The best thing was the price -- $47 from IMO, but I got it for $40 on convention discount. I'm not sure what the batt life is: they're claiming 16 hours on 8 LED high -- but with the downstep option, it's almost like having a spare light within the light.