While investigating the TerraLux Diode Retrofit Kit for the 2AA Mini Maglite, I discovered a similar (and less expensive) kit made by RAM Instrument.  The concept is the same.  The RAM kit consists of a replacement reflector cup and a diode cluster connected to a circuit board. 

The RAM Instrument diode retrofit kit for the 2AA Mini Maglite.

The user simply removes the Mini Maglite's lightbulb and reflector and replaces them with the RAM components.  The resulting Maglite produces "colder," more diffuse light that appears blue (as opposed to yellow) on camera.

RAM conversion kit prior to installation on 2AA Maglite.

RAM conversion kit fully installed on 2AA Maglite.

Unlike the TerraLux kit, the RAM kit (once installed on the Maglite) is not focusable from spot to flood.  The beam remains fixed.  I was unable to find exact numbers for the illumination output, but to the naked eye the RAM LEDs are more powerful than the standard incandescent bulb.  The incandescent Maglite can be focused to a tighter, brighter spot and has a longer throw.

Beam shots from unconverted and converted Maglites.

The RAM kit is less bright than the TerraLux kit but an improvement over
the standard Maglite unless you want a tightly focused spot beam.

Conventional Minimag (left), RAM conversion (center), TerraLux (right)

Another advantage of the RAM kit is the extended life of the LEDs compared to the incandescent bulbs that come standard with the Maglite.  The LED kit uses batteries at a reduced rate, too, though I'm unsure of exactly how great is the difference.

If you want an LED Maglite and don't want to pay for the brighter TerraLux, the RAM conversion is a budget option.