It's funny, I've fallen out with my L1. Back in the day, I made my first jump into flashlights, which happened to be the L1 cree. I remember it was great, but I was in a wilderness area, and I used it every night, the beam pattern was just what I needed. More brightness couldn't have hurt, but then again, we are always on the brightness hunt.
Now I've moved and am living in an sub/urban area, the outdoors is constantly lighted, and there are no power outages. My 120P+F04 has taken over EDC duty, mainly because I use the low low to read, navigate dark rooms at 2am, and the darkest places I will be in will be indoors (like a ventilation shaft), so a full flood is best. Plus it's a tad brighter.
I do love the UI. This is why I was anxious to get my hands on a UA2. Last I heard, it was full adjustability for the 'low' press, and max for the high.
It might be because I love my L1 so much that I don't use it. If I ever do carry it these days, it's when I've on some trek, and it goes on one belt loop, locked out, and the lanyard is tied in a blocked slip knot around another loop. Basically, it's on reserve.
It is my most sentimental light though. So many a night romping through the forest, whth those closest to me. I would feel horrible if I lost it.
So maybe times change. Maybe habitats change, and lights required change. My L1 is now sitting on my desk, but I don't dare ever sell it. I still love it, just in a different way.