It is a lot of current, and the LEDs get pretty hot! I've made a few LED lamps and a couple of torches, and you need to seriously heatsink these bright LEDs to stop them from cooking.
A typical 3W rated LED will run at around 800mA or so (the forward voltage drop is usually around 3.7V or thereabouts). Around 2/3rds or more of that power will be wasted as heat, so they do run hot if not carefully mounted.
Having said that, they are cooler running than incandescent lamps by a long way, because of the greater efficiency. Generally, LEDs are around the same sort of efficiency as CFL bulbs (the low energy household bulbs).
If you want to build a really powerful bike light, to run from the bike battery, then there is some merit in looking at using a larger number of lower power (and cheaper) LEDs. For example, using an array of 9 1W LEDs in series gives a forward voltage of around 33 to 34V, and would draw a current of around 300mA or so, and if you had a 36V battery you could get away with using a simple 10 ohm, 1W resistor as the current limter, with no need for an LED driver. You'd get a LOT of light from such an array, around 1000 lm or maybe more, with a nice wide spread. It'd be fairly cheap, too, if you're good with a bit of DIY.