I recently got one of the nice P7 LED lights from DealExtreme. It's blindingly bright and has a rapid flash mode. I suspect the combination of brightness and flashing might disorient an attacker enough for me to make an escape. Even in my well-lit office if I look into the beam for an instant I have a big blue circle obscuring my vision for quite a while. In someone's eyes that are adapted to the dark, it'd be pretty nasty.
If they keep making LED flashlights brighter, pretty soon they'll start needing warning labels.
Keith