If you live in the U.S. how many "regular people" are going to know what a generator light actually is. I think the chances of theft of that type of setup are less likely because most have no clue what it is or how much it might cost.
I have two bikes with Shimano dyno hubs that I have had for a few years now. They are both my part time commuting bikes and will be my brevet event bikes as well this year. I run a Cyo front light and have a generator version of the PB Blaze on the other. I wanted the Cyo in the beginning and thought maybe the Blaze would be close enough at a much cheaper price. It wasn't even close the Cyo is way brighter than even dual Blazes. I will probably end up buying another Cyo for the other bike as well. I use only generator front lights and use a PB superflash battery powered light for the rear.
Some that use it for strictly around the town commuting/riding might be fine with a cheaper LED light (like the generator Blaze). My 20 mile round trip commute over half of it is rural paved roads or dirt so I need to actually see where I am going. The Cyo lights up the dirt road well enough to easily see pot holes and enough for higher speed decents (around 25-30mph).