I like options.. No one light fits every need.
I like the LED for the soft efficient light, perfect for the small job or backup needs (also very little glare bouncing back). I am not sure that I would use it as a replacement for a Stubby. I am also not a fan of the bluish or reddish tint that some of the bulbs project for field collecting. I would be careful to pick out only white LEDs, and you cannot tell them apart by just looking at the unlit bulb (they all look clear).
The Xenon is an excellent light, very bright and light weight. But not good for walking etc (batteries just don't last long enough). Well suited for road cruising or "moving shadows out of the way" when walking cuts using a stubby style light. A nice pocket sized tool to keep on the ready.
The stubby is hands down best for walking (900 lumens of soft even light with a 1.1 amp hour draw), but with all the dangling parts and set up time it is almost useless for road cruising.
Portable spotlights, they are like the Xenon only much heavier and with a brighter / wider beam. They are available up to 10,000,000 Candle Power if you want it. Good for road cruising because you can bathe the whole area in light when you are looking for snake that just got off on the shoulder.
All in all, I would keep a Xenon and LED on my hip. The TwinTask series is a good combo for that. And have my Stubby to walk with plus my 3Mill CP portable spotlight to cruise with.
Steve and myself have made a few small flashlight investments that we plan to field test this year and will report back our results.
All I need to do now is sew up my new bags in that very distinctive print I picked out this weekend and wait on my requested time off from work to happen.
Lance