With the MC-E, you have the option of running all 4 dies in series or parallel. So that makes the electrical requirement either 13.6v @ 700mA (series, prefered), or 3.4v @ 2800mA (parallel). Of course, you can mix and match the series/parallel wiring of the LED too. Either way, that's 9.52W, and about 750lm (78.8lm/W).
The XM-L at 700mA runs at 2.9v. That's 2.03W. Now, because the XM-L can handle some serious current, lets scale it up so it's closer to the MC-E. 3.35v and 3000mA gets you 10.05W, which is close to what we calculated for the MC-E. At that level, you are now talking about 910lm (90.5lm/W), at over half the cost. You can almost triple the output for the same amount of money invested.
I still don't think either of these LEDs are particularly practical. XR-E's and XP-E's are cheaper still, and easier to drive at lower currents. As a supplimental light, I'd rather have many LEDs spread over an area rather than a few spaced farther apart, creating spotlights.
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