Once this thread started, I got inspired to build a new light using high intensity LED's. I finally got the light put together and took a few test shots. I'm using 4 Li-Ion cells recovered from an old laptop. I have to say that this thing is really freaking bright and has an amazingly long throw to the light. I got 3.5 hours out of a single charge at the highest light setting. Low would probably go for 5+ hours, but I haven't timed that yet.
The test shots were taken with my camera in manual mode, so the iris was open the same amount of time for each shot. The bike in the pics is 50' away from the light and camera.
The first pic is using the new ghetto 3-LED light.
For comparison, the 2nd pic is my Light & Motion HID on high. The L&M HID has a softer bluish tint and a nice broad spread to the light pattern (look at the furthest fence post to see what I mean). My 3x LED (above) has more of a hot spot in the center but still quite a bit of useful spill.
The 3rd pic is using my 1st generation ghetto 20W halogen light. Notice the bike is barely even visible anymore. The light has a very yellowish tint.
There are a few pics of the light itself. The yellow shrink-tube encloses the remote on/off switch, which I plan to velcro around the stem or handlebar.
The battery can be velcro'ed to a bottle cage or just stick in inside on old bottle with some foam for extra protection.
The whole thing cost me $69. I was able to get the Li-Ion cells free from where I work, but they can be found cheap online too if necessary. The majority of the cost was for the main flashlight assembly including optics, LED's and driver. The rest was for cables, switch, battery protection circuit etc.
I'm not happy with the mounting bracket so I have a new one on order that should be a bit beefier. Also, the light head is a bit large to mount on a helmet, so this is strictly bar mount. Other then that I'm pretty stoked. LED technology has made huge gains in the past year and I don't see that trend stopping anytime soon. HID's will be obsolete in 2 years, I predict.