I just got a MR16 12 Volt Super High Powered 3 Watt Luxeon LED ($15.99) from
Autolumination.com. I just gave it a quick test last night and it was impressive. The center spot is not quite as bright as my 20 watt halogen, but the light-bleed to the side is brighter and more even. I think this might do the job for a in-town headlight. I'll try to get it installed tonight and get a report this weekend--our forecast for tomorrow is for ~2 inches of rain.