+1 on the minewt. I have the new x2 model. Was out riding with it on low power last week, didn't need any more!
You could not make a halogen or HID with the features this light has(reliability, weight, runtime, strobe and dim modes).

LEDs are actually pretty cheap, 12bucks will get you a Q5 cree and an optic. Expect to see prices come down soon once the novelty value wears off. The big problem is the LEDs are doubling in brightness every year almost, so your light quickly becomes out of date! Have just doubled the brightness of my el530 cateye by replacing the LED! Try that with a halogen.