I recently lost a P7 (looked pretty sinking in some lovely clear blue water in a Welsh mine - too mesmerised to even think to video it!). Back up was a similar sized and power one I'd picked up in a large supermarket (name begins with a T) for a tenner a couple of years ago. The cheap one does the job. Build quality almost as good as the ledlenser. Light output whiter but with occasional flicker. Has all the funky modes. Not sure what the claimed output is but it seems ok and has always lasted well enough on a set of batteries.
I'll probably buy a M7R to complement my X21R2 as we have to have our gadgets..............................a couple more of the ten quid jobs might come first though as it never upsets me as much when I lose those when camping.
I'm told by a couple of looomen junkies that Aldi often have fairly decent torches in their 'specials'
I reckon for the money you cant go wrong with a Chinese ultrafire cree off Ebay, I bought 3 of them at £7 each and three decent 18650 batteries for £21, perhaps I have just been lucky but I have used them for about 4 years with no problems.
You should try writing to Lenser about losing your torch, because I was with Lenston a few months back when he dropped his new Lenser into a deep pool in a Welsh mine and when he had stopped sobbing he decided to drop them a line and Lenser sent him a brand new one FOC, just tell them that the lanyard clip broke like Lenstons did and hope for the best.