I got ahold of an XM-L. I fed 700mA to it and was suitably impressed. Make that VERY impressed.
Besides the crazy amount of light - 260 lumens - that it spewed, I was impressed by the fact that I could hold it in my fingers without it getting noticeably warm. This means that if you ran XM-Ls at 700mA you could use a really minimal heatsink scheme.
I did screw it to a small stamped heatsink and cranked it up to 2A. That was 650 lumens or about 1/2 a 100W light bulb!! That started to warm up the heatsink a bit.
I'd probably consider 1.5A to be a good working maximum for the XM-Ls. That would still allow fairly lean heatsinking without a concern-able lifetime impact.
I can't see using them without optics though. The wide dispersion of so much light will have a lot of light hitting places it shouldn't.
I dropped some optics on it that included 25, 20, 15, and 5 degrees. They all made a great spot on the ceiling 5 feet above.
Any of those spots would make a great bike light with only the one XM-L. I didn't have any proper optics though. These were for LumiLEDs. They are the plastic cones with a recessed hole that fits down over the LED. They result in just about zero leakage out the sides. Anyway using proper optics and mounting them above the tank a foot or two would be great. You could crank the factors up to maybe 20sqin/LED.