Everything is a trade off.
I have been using a Zebralight sc50w, iTP EOS A1 & A3, Dereelight Javelin & C2H, Petzl Tactikka, and recently a Mammut S-Flex.
Of all these my favorite is easily the Zebralight. It has a great user interface, terrific beam - good balance between flood and spot, amazing efficiency and the best CRI (color rendering index - means objects are more easily identifiable)
Of all these lights the S-Flex has the worst CRI, which is a real bummer because otherwise it is great. It is a little cumbersome to have to press the button a few times to switch it off, but on the other-hand this helps keep mode selection simple - double press to turn it on then cycle through medium, high, red constant, red flashing, then off.
I have not thoroughly tested, but based on my ad-hoc observations I would say the battery life is overstated and a little disappointing.
I love its simplicity, light weight, compact size and the fact it has red modes.
My thoughts on a great all-round flashlight - take a look at the Zebralight H51w. A little on the heavy side but covers pretty much all situations, fantastic CRI, user interface and efficiency - meaning less batteries to carry on a longer trip.