branman, which Cateye did you have? I switched to the HL-EL500 last year, shortly after they came on the market. This light puts out 1000 candlepower, and it definitely gets noticed. (Sidenote: Cateye claims a runtime of 30 hours, but I'm not sure on that. I change batteries when the cell voltages fall below 1.3 volts. Batteries DO last quite a while though, so I'm satisfied.)
The Performance Flare 5 looks like a decent light as well, and I think it's on sale right now.
Nice things about LED lights: No bulbs to change, lower current draw than lamps. Won't put you in the poor house on battery consumption.
The HL-EL500 is a suitable light for my type of riding: Road riding, suburban areas, some street lighting. If your area is more rural (darker, less street lighting) or you're doing off-road riding, you'll want something stronger. There's lots of good advice in these forums on lighting.