OK ... fair cop
):
You're absolutely right that 5w luxeon LEDs are pretty pokey and surefire have launched the first LED light that they consider powerful enough to be classed as a "tactical" light (about 100 lumens).
The caving thing is a matter of application. For short range work, low powers are fine - that's why tikka's are so good around camp. It's when you need reach that you need high output because intensity falls off with the square of the distance. In most caves, most of the time you're only looking a few feet ahead. In a big cavern, a high power light is fine. I've used mine in some of the bigger chambers in Derbyshire and they light up the whole place a treat.
Without a doubt LEDs are the future, but my impression is that today it is only a relatively small and fairly pricey minority of LED lights that give really high levels of output. Right now, I'd still not hesitate to buy another P6 if I lost mine.
Anyone seriously interested in flashlights should go check out
www.candlepowerforums.com . They'll help you spend anywhere from pennies to hundreds. Obviously flashlights can be as addictive as knives :biggthump