I like the SureFire 9P Original with the ultra high-output xenon lamp. I know that in terms of bulb/batt. life and savings, LED is the way to go, but I prefer the xenon bulbs in most cases. Also only one of the LEDs comes close to touching the 200 lumins that many of the xenon bulbs do. The LX2 LumaMax is a 200 lumin light, but it also costs nearly $200. Another thing is that xenon tends to cut through smoke better than LED. (Unless you use Pelican's recoil LED lights, which I love. I have the Little Ed on my turnout coat and that thing cuts smoke like nobodys buisness. I want to get the helmet mounted recoil LED that Pelican has also.)
Now for penlights, the cheeper the better. Why spend $20 on an LED penlight that you are going to loose soon anyhow. Never mind that it is way too bright to go around shining in pts eyes.