I'm sure there are some extensive reviews out there, but I thought I'd give a quick rundown of the semi-new G2-LED version. The original G2 is a nice combo of effective and affordable. It was actually my first "good" flashlight getting me out of the realm of the old mag-light era. The new G2-LED version may cost more, but claims to have more lumens and ridiculously more battery life. A quick rundown: The G2 rates around 65 lumens for 1 hour while the G2-LED is 80 lumens rated for 12 hours. The shape in the LED version is very similar, just the cap is longer. The push button isn't as springy since it doesn't separate out like on the G2 and has a slightly different relief pattern. The main reflector on the LED version appears smooth while the G2 has heavy texturing to help diffuse.
As for real world perception it seems the G2 is brighter at close distances and the G2-LED is brighter at long distances. The G2 has more of a diffusion spread while the LED has a stronger central hot-spot. Although I thought the G2 was pretty bright and white when I first got it, the LED is substantially more white.
In the end I'm not really able to see the claimed lumen increase, but I'm certainly looking forward to keep testing the battery life. If it lasts anywhere close to 12 hours, the money saved on batteries and being able to perform long tasks makes this flashlight model quite compelling. Currently only available in black and yellow.