EHL, how's that guiderod laser?
I honestly favor it over the Crimson Trace. (barely) It's a great laser! In fact, you can find the laser easier on a similiar colored background easier than you can with the Crimson Trace. The reason is because of the pulsating laser that the Lasermax has while the Crimson Trace has a solid dot. According to Lasermax, they opted for this pulsating dot since they found, in their studies, that people's eyes caught the pulsating dot faster than a solid one. I have to concur with their findings when I compare the lasers side by side, the pulsating dot is easier to focus on when they are both against backgrounds that would normally hide or camoflage the color.(browns, reds, etc..) THe only downside to the Laser Max is that the batteries are a pain in the rear to buy (order them online)and are somewhat pricey.
($10 for one pack) Where as the Crimson Trace, you can just go down to Wal mart and buy some replacements for under $5.
That being said, I still prefer the laser max since I can: 1. keep my choice of grips on it, 2. Don't have any trouble with my ambi safety (had to file my Kimber's down), 3. Don't have to worry about holsters being able to accept my gun with the laser on. Although many outfits make their holsters to accept guns with CT grips on, there are just as many if not more that don't make their holsters with these grips in mind.
I wish lasermax would make a guide rod laser for my 3" kimber, cuz I'd switch out my CT's for another Lasermax.
Do keep in mind a laser works both ways, arguably better for the person without the laser.
A mutual gunfight where both people are armed with firearms though is not one of them imho.
I think there are more pros than cons for having a [good] laser on your firearm. You mention that it's an easy target for somebody who might be gunning for you. Well, that would be true if you were at some distance from each other. However, since most confrontations occur within 15 feet, the issue of "easier target" is really moot. At 15 feet any person who does not require a seeing eye dog will be able to see you with or without a laser. The advantage, it would seem would go to the person is obviously going to be faster in both presenting and, if needed, accurately uses their weapon. I add the second clause "if needed" since the majority of self defense uses for firearms generally ends without the need to even discharge the weapon. This is because most perps are not looking for a "fair fight", they want the easiest target possible, and a person with a gun is not an easy victim. On top of that, lasers on a firearm tend to have a psychological effect of further intimidating BG's since they realize that if the dot is on them, the fight one trigger pull away from ending. Several Law Enforcement agencies are actually spending the money to arm their police with lasers since they have also 1. improved their hit ratio, and 2. ended possible violent confrontations without needing to resort to deadly force.
THe issue of giving away your location is a good one, but it can be mitigated by simply either, taking pressure off the switch to turn off the laser, or hitting the switch that will also turn off the laser if you are trying to be stealthy and not give away your location. There are obvious shortcomings to a laser, and you mentioned them, but I believe the benefits far outway any forlorn possibilities of making for an easier target.
I noticed that in both websites they strongly recommend getting a good set of iron sights since there will inevitably be many times that the laser is useless. However, both lasers are extremely visible at night or low light conditions. THey would be invaluable in a gun fight in low light. Since most confrontations statistically are in low light conditions, i.e. night time, you are getting you'r money's worth investing in these fine products. 
($30 specials). THey're junk. Invest in either lasermax or Crimson Trace, both are quality products.
