I just ordered two cheap-o's off of eBay based off of a buddy's recommendation (and scheduling). They were rated for 1800lm, but considering the emitter and driver used I'm thinking it's 1000lm realistically. I bought two for like $78 shipped. One will be my backup when my fiancee is with me in cavern and/or on a night dive. She'll be using one as her primary, and one of my "nice" backups as her backup. I also won't trust them in a cave as backups, but my plan is to make them video lights eventually (we'll see how that goes!).
Having said that, I'll be getting one of the UWLD lights as soon as I can afford one. Those things are absolutely amazing. I want one of those (either the 15 or the 35) and eventually one of the video lights he's about to release (6000lm and unbelievably clean. Using it has been described as diving OW on a bright day). Those lights are unbelievably tough, have great flexibility with their snap-clip in that it switches between helmet and hand mount easily and quickly. It also has great customer support. Bobby is absolutely the best in the business at the moment. The energy density of his packs means he's using VERY high quality cells, and the lumen density and efficiency is unbelievable. I could not be more impressed by a light OR a company and I can't recommend them enough.
Edit - Having reread your post, let me say that your LM 12W is not a bad light at all. I'm sure the DRIS 1k lights are good as well....but I still haven't seen a handheld that can compete with a canister in terms of burn time OR light quality. 1000lm is not 1000lm. Spill, hotspot, temperature, etc....those are all hugely important factors in light output. You said you were cavern certified. Maybe a DRIS 1k will be enough for your cavern diving, but it won't really be enough for your Full Cave dives. I don't think it'd be long enough for your Intro to Cave class (if you go that way). How about when you transition into stages or scooters and start really pushing that dive time? If that's too far into the future, what about multiple dives in a weekend? I think you can't go wrong with one of those DRIS 1k lights. They have a nearly cult following, so they're obviously doing something right....I just wonder about them as canister-replacements in the cave environment. Maybe in the OW rec or wreck or tec for adding color and/or signalling, where you don't really need a light it'd be fine. However, it'll be hard to convince me to give up my canister for the forseeable future.