There isn't as much, with new ones, but it's still a different sort. LED waste heat is at the circuit level, not radiated. 100% of the waste heat goes to the heatsink and hopefully body of the light, as opposed to incandecents where it's turned into infrared radiation. This is why very high power LED's "feel" hotter in the hand. At lower current levels (around 1-2 watts) power LEDs are at their most efficient, and produce the least amount of heat per lumen. The M60L and LL are run around this power level and can be safely used in a plastic body indefinately. At higher power like you'll see on 90% of modern lights, the efficiency drops a good deal and you get more heat output. The thing is that current generation LED's are only around 30% efficient, incandecents around 10-15%, and previous generation leds (luxeon 3/5) only a hair better than incans.