It's a good place to start but it can be upgraded to produce an amazing amount of light...not something you can do with LED. With a minimal amount of money and effort, you can change the bulb and battery to a 15W (unless that's the one it comes with) and 7.2V. It doubles the light out put for the cost of a bulb and battery...about $30. The run time doesn't compare but if you are using it for commuting or for short rides that shouldn't be an issue. You can always get more batteries for less then you can buy a whole system.

On the other hand, if you are even marginally handy, you can build an MR16 system that blows the doors off even HID in terms of light output. Look around here and see what people have been doing.

If, however, you are doing rides that require long run times (on the order of hours) LED is the way to go.