The Bike Ray I is a P7 Led while the MJ 868 is the XML. The older P7 is less efficient and has more flood. I have yet to see a beamshot of the MJ 868 nor can I tell from the picture of how large is the reflector, but from my guess it is small enough that the XML from the 868 should provide flood and possibly a hotspot.

According to the link, the 868 is using Samsung battery which is not bad and a much better improvement from the original MJ 808 which had some issue with their pack.

Edit: The Bikeray 1 was design to be more of a throw using the P7. It was the Bikeray II that was design to be flood with P7. Having that said, the Bikeray I with the reflector as throw will probably be a better helmet light rather than bar light.