I just ran mine again and I got 54 minutes before the first step-down, I continued to let it run until it stepped down a few more times. At 1 hour 17 minutes I shut it down, however, it was still running.
There is a difference between my earlier test and this one, I'm thinking I missed one of the "step downs" on the earlier test and just saw one of the later one's thinking it was the first. This is on an AW RCR123
Do you have burst enabled, i.e. does your light step down after 40 seconds and go into 141 lumens? I just did the 200 lumen, burst disabled runtime test and I got 34 minutes on an AW RCR123 at 4.13 volts. I noticed one step down at 28 minutes and then it stepped back up at around 31 minutes, I'm guessing this was caused by the thermal regulation (by the way I was working out and had my light ceiling bounced so its not like I was staring at my light for 30 minutes straight). The light was going through its step down phases at 34 minutes. The light got pretty hot, and this heat must have caused the air pressure inside the light to increase because I noticed that the flush switch had bulged out slightly, this affected tailstanding.