There is some thought that running regulated, flat out, is not a real priority in some cases. Elektrolumens, Wayne, started out with lights with no regulation, either direct drive, or direct drive with a resistor, and if you match the batteries to the vf of an LED you can get some pretty good decent runtime that almost looks like regulation, and usually the light will run longer with a higher output toward the end of the runtime, compared to truly regulated lights. I for one do prefer good regulation in my lights, but then many of the lights that I like are incan lights and they pretty much run direct drive. Different strokes for different folks, or flexability in what one chooses to use, depending on the circumstances. I actually like my Rogue 1's regulation, perfect regulation or not.
Bill