I really like LED. There has been a lot of tech breakthroughs with current LED technology. The biggest difference to me is battery life. The new Cree leds are amazing. Put them in a good light with a regulating step up circuit and you pretty much get 100% brightness for the charge of the batteries. Xenon might be slightly brighter in the same package light, but with a light rated 120 lumens what does +/- 5 matter.
I prefer LED, only because they do not need replacing like the other types o bulbs. Brightness is close to the same, and no emitter to replace! Better battery life is sure nice as mentioned above also.
But batteries I can carry and have, extra emitters or bulbs are not something I would normally have on hand.
for me, the biggest difference is throw. as the saying goes, led for show, incan for throw. battery life/"bulb" life of the led will likely exceed the incan but, even with cree's the reflector is critical to "throw". i use incan on my long guns and led on my pistols. edc one of each.