I don't have vast experience with different kinds of lights but I do have a NiteRider Classic, a Smart, a MagicShine and some lesser led lights. I think the MagicShine is the floodiest of them and there is no real 'hotspot'. IMO without going to a European shaped beam light there is no way to avoid blinding peds with the lights easily available to American cyclists. Luckily I do not ride on MUP's or otherwise come in contact with peds. I keep my light aimed as far down as is practical but I suspect there is still enough light to annoy someone if they were to look at it. In another thread someone mentioned blocking out the upper part of the lens. I can't really see a downside to this. It could probably be accomplished with aluminum foil pretty easily. Just rub it on. Trial and error as to how much bulb to cover.

H