It's been a few years since I replaced my lighting system. I know that a slew of new systems have come into the marketplace and I was wondering what people have or suggest. They will be used mainly for mtb riding and 24hr races.
LED lights are the way to go these days. I have a L&M Arc HID light that I don't even use anymore since I prefer the LED homebrew lights that I built. (Search under 'DIY Lights' if you want more detail/pictures) The LED light is whiter, brighter and has a better "punch" down the trail.
The Niterider TriNewt is a respectable triple LED, but the vintage LEDs that they use are now a couple of years old. I would be surprised if they don't come out with a new model later this year. The latest LEDs will probably be about 25% brighter using the same amount of current. Or run them at reduced current for longer burn time. Also, L&M is kind of late to the LED party, but they are shipping the Seca light starting on August 15. Thats supposed to be a kick-ass light with superior optics if you can wait that long. http://www.bikelights.com/News/Headline_more/secalaunch.htm
I use a $25 dollar head lamp thingy that works fine for me but then again i don't do any kind of racing with it, but i really can't see how one can spend $400 on a light set. although i must say, Jeff's DIY lights are sick looking!
I dislike HID- they're unnecessarily bright for 95% of night mountain biking. My 15w Halogen is just fine, but the 180 lumen LED systems are even better. I borrowed a friend's L&M Stella for a few weeks, and loved it. You can't beat the 20,000 hour bulb life and incredible efficiency of LED's.
If I were in the market for a system now, I'd ONLY consider LED units.