I have the M1X with extender. It's apples and oranges if you aren't using the extender and Li Ions. Your Cabelas light is rocking a Li Ion battery pack. Get that M1X up to its potential and retry, I'd be interested to see your notes as I have never used the Cabelas light. If you are using it with CR123 batteries it won't be close to its output.
Just as a comparison I put my M1X up against the custom light I had made using the SST-50 LED. I expected great things out of that little pocket rocket. The JetBeam blew it away, and I mean by a lot. I guess I should know better just by the reflector size of the Jetbeam.
I do like the rechargable aspect of the Cabelas, I keep a Li Ion charger in my truck so I can do all my Li Ions with one charger, but it's sorta lame having to take the batteries apart.
Report back with beam shots!!!