From my calculations it would appear so, actually even brighter, depending on who you talk to about those 3W LEDS.
According to Lumileds that make the Luxeons: 1W Luxeon: up to 40 lumens. 3W Luxeon: 80 lumens. 5W Luxeon: 120 lumens

Therefore a system make with 3, 3W Luxeons could potentially produce 240 lumens! This, of course if its propoerly built with proper voltage and regulated.

Electrolumens makes a single 3-3W flashlight that is really bright 216 lumens:
http://www.elektrolumens.com/4_SALE/For_Sale.html

He can also custom-make you bike lights up to 420 lumens based off of a couple of those flashlights.. that's BRIGHT!