Both actually.
A white LED is composed of a blue LED with a layer of phosphor on top. When the blue light hits this phosphor, red and green are emitter, and some of the original blue passes through. These 3 colors then mix to create white light.
A LEP works the same way, except a LEP uses a blue laser diode instead of a blue LED as the light source. The laser, mounted behind the phosphor layer, hits the phosphor, which emits red and green. That mixes with the blue to create white light.
A LEP creates a very small and very intense point of white light on the phosphor layer. This light source is more intense (concentrated) than currently available LEDs. LEP flashlights then collect this light and project it out the front using an aspheric lens in exactly the same way an aspheric lens flashlight works. Because the intensity of a LEP is higher than an LED, you can get more throw out of a LEP flashlight than out of a similar sized LED flashlight.
LEP lights also feature a tiny reflector mounted in the center of the aspheric lens. Any of the original coherent laser beam that isn’t absorbed or diffracted by the phosphor hits this small reflector and is diverted 90 degrees sideways where it is harmlessly absorbed by the side of the bezel.
Result is all of the actual output of the light should be as eye-safe as any LED flashlight. In theory at least.
