So true, and I don't believe there are many headtorches that offer both, which is why I use two!
Something on your head with decent throw (such as the Led Lenser) for picking out where you're heading (or, in the case of my usual night run, giving early warning of the herd of heffers I'm about to run into...), and something at waist level with good flood to light up the ground at your feet and a little way ahead and to the sides.
The added advantage of having something at waist level is that it casts more of a shadow and shows you the bumps more clearly. The Zebralight H501 is ideal for this as it gives a lovely wide even flood - I've got a 15mm plastic pipe clip attached to the front buckle of my bum bag, and the zebralight just clips in nicely. The zebralight isn't cheap (although direct from HK on ebay it's not bad), but it's a fantastic little light to have around the house or when camping.
I tend to use the Led Lenser/Zebralight combo quite a lot, but am planning to do a bit of night orienteering soon, in which case the Magicshine's coming out