The G2L has an aluminum bezel because there is no heatsinking for the P60L, and the only thing it has for heat transfer is the reflector.
Malkoffs are well sinked on their own. I don't know how the M60LL compares to the P60L, and will refer to the M60 models in their various configurations in general for most of this. The regulation on the M60 is supposed to be better, and the quoted runtimes more accurate.
The beams are very different. The P60L has a bright, clearly delineated hotspot, and wide, even spill. The Malkoff uses an optic, and will have a round(not necessarily even) hotspot that fades out at the sides. On a wall, the P60L will look better, but in use, you'll get better illumination from the Malkoff, IMO.
The P60L's beam was brighter and the spot tighter than I would have thought from reading about it. I've had two P60Ls pass through my hands recently, but I sold them both, as I'm hooked on the Malkoff W(arm) drop-ins. They aren't warm in the same sense as the old yellower Luxeon tints, but give very accurate color rendition. It's hard to use anything else once you've used them.
Unless you really need throw, check out the flood versions. They're fantastic for close use.
Right now I have the M60W, M60WF, M60WL, and M60WLF(had and sold the "normally tinted" M30F, too).
The M60WL is in a plain black G2(the L and LL versions have been deemed safe for use in the all-Nitrolon G2 by the maker-there is no warm LL, btw). Just put that combo together, and will use it at work.
The M60WLF or M60W with diffuser are almost all I've used since getting them.
I'm giving the M60WF in a 6P to my best friend that's a cop because it's brighter than I really need, and should be perfect for vehicle stops and indoor use. Evenly and brightly lights up an entire hallway, or most of a large bedroom.
You can get a P60L on the Candlepowerforums Marketplace for ~$30 if you decide to go that route. That seems to be the going rate, and it's what I sold both of mine for. For $33 more with shipping, you can have a Malkoff...
btw, the stated runtimes for the Malkoffs are the runtime in regulation. With 123s, after dropping out of regulation, they will run at continually lowering output until the cells are depleted, like the P60L.