I honestly think color reproduction is much better with a good bin Luxeon as compared to an incan. My XO3 in particular has the purest white LED I've ever used. As manufacturing progresses, Luxeon Is and IIIs are getting whiter and whiter, with less blue, yellow, and cat urine green.
Of course, if you're looking for pure white, the Nichias in the Arc AAA are the wrong place to look.
Lumens are lumens, but that output could be in the form of long throw or a wide flood, depending on the flashlight. Which is better depends on what you're doing with the light. There are times when I'd prefer a wide flood with less total output to a long distance spotlight with more, but I'd probably be even happier with more lumens in that flood beam.