I have a traditional MagLite and also thought about doing a replacement but have read the MagLite replacements are not as good so never made the switch. I did however, based on several recommendations, was picked up a SolarForce LED flashlight. A lot of people call these flashlights the lego version of flashlights as you can build them with a large number of combinations. From different LEDs, switches, modes, bodies, lenses, etc.I have one "traditional" MagLite and two LED MagLites. I've toyed with getting a replacement LED for the "traditional" bulb.
My solarforce l2p is a 3-way and is incredibly bright and I think I paid $20-30 for it.