I tested an XP-L V5 as a comparison and the results were interesting. Keep in mind the lower Vf of the XP-L2. When compared by wattage the XP-L2 is slightly ahead of the XP-L the entire time. AKA, the XP-L2 is more efficient overall.
Also in the real world the lower Vf means we get much better numbers from the XP-L2 then the XP-L since we can pull much higher currents.