I had something of the same dilemma as you John, except my Lumicycle is a lot older. I decided the cost of new battery or bulb from Lumicycle was too great, given that it's basically an obsolete light.
[OK, I know this is Retrobike so obsolete is good, but even you don't use 1991 lights!]
On the other hand, I think the cost of new Lumicycles/Exposures/Hopes is unjustifiably high - but at the other extreme, I wouldn't trust the really cheap lights. With my luck, I would be left in the dark many miles from home on a rainy night, and then I'd regret not spending a bit more.
I also didn't want a single emitter lamp. I know they're bright (albeit that one saying it is 1800 lumens is just a lie - Cree themselves rate it at 1,040 maximum!), but single emitters tend to give more of a spot beam which is fine for road, but I thought for my purposes a flood beam from a multiple emitter lamp would be better.
I bought one of these http://www.ebay.co.uk/itm/121030449930
(unfortunately he keeps relisting them, so this link will only be current for a short while). I can't vouch for its longevity obviously, but I do find the seller trustworthy and the Fluxient 2-year warranty may well be reliable. I would say the 1600 lumen claim is in this case valid - the lamp is brighter on the low setting (20%) than the Lumicycle 12w spot. You get over 3 hours on the high setting, and medium (50%) is ample for most off-road situations.