Hey Stew,
The main LED is a 1 watt Luxeon, It's about as bright as 5-7 normal LED's. It'll be more focused then a cluster of 5mm LED's,and more useful. The other 2 LED's are just the regular 5mm LED's found in everything.
The only thing the petzl has on it IMHO is that it doenst have a battery comparment at the back. (Pain in the head when your lying down reading etc.) A few of Black Diamonds headlamps are regulated (The light stays at a constant brightness untill the end of the battery, means shorter runtime though) Not sure if this model does, but that for me is the No.1 feature when buying a light.