Also if you get the M12 LED light it's lifetime warranty on the bulb. It's not even designed to be opened by the consumer. If you do the retrofit bulbs trying to save a few bucks, you'll get what you pay for. It may work and it may be bright, but the light pattern will be inferior. Milwaukee does not simply put a different bulb in their xenon lights and sell it for more $, the head is designed from the ground up for LED.
its lifetime on the bulb because the bulb is not a standard bulb like you said. they basically took the same flashlight, and replaced 90% of the head.
I have plenty of flashlights, I did not need the M12 to be my 'go to' flashlight. I do need it to not **** up battery when I dont have the money for brand new 2.0 & 4.0's. Some places I put the M12 its great, especially where I cant fit my 18v, so I needed to care more about the battery life for that.
Comparing the non-led M12 flashlight, LED is brighter & better battery life than xenon. Doesn't throw as wide a 'flood light' but I didn't buy it for that.
Comparing the non LED M12, upgraded with LED, to the LED M12, sure the LED M12 might be better. Maybe it runs brighter, cooler, AND uses less battery still. Plus it also makes waffles and looks good in a short skirt. Why not.
I saved a few bucks and I can replace bulbs immediately. And I can go back to xenon if I run out of LEDs. I got what I paid for, and I like it better than a proprietary LED flashlight. And as I suggested that it might be worthwhile for others to do the same.