I've got a Black Diamond "moonlight" superbright LED that I picked up from Cabelas and I really like the brightness as well as it's compact size. When walking to and from my stand I clip one of the small green Stylus penlights to the head strap so that it is positioned vertically for safety. I also like the fact that it has a removable back cover that is made of rubber, so you don't have to remove a screw to replace the batteries in the dark. I carry an extra set of AAA batteries for it that weigh next to nothing.
To me the LED lights are the best thing to come out in a long time, and are priced so that everyone can afford them. I have heard that the large size flashlights with 12-20 LED's are good for bloodtrailing, but I have never personally tried one.