Took the Lenser for a test through the forest and local trails last night. In short, its fine. Plenty bright enough, comfortable, doesn't fall off your head. It doesn't make the mud any shallower though.
From other peoples comments the Fenix is also perfectly fine. Since they're pretty similar in price I'd say the Fenix edges it for a) waterproof b) regulated power supply. In all other things they seem equal.
Don't get me wrong, I'm perfectly happy with the lenser. But the kind of person who heads out onto the trails at night is also the kind of person that will head out into the rain and there, on paper at least, the Fenix has edge.