First, many thanks for several super helpful posts here! This is one great thread about what looks like it should be a great product!
I am thinking of getting the M31L. (there is no M31WL).
My thinking: it should get between 2-3 hours of regulated output at around 120+ lumens on 2xAA. That's fine for many uses, pretty good for both indoors and outdoors, and emergency uses when the 123 battery form-factor is unavailable (or when traveling).
I think the runtime for the M31 is a bit on the low side for me.
Plus, if I REALLY need to use AA's for 220 lumen output, I will just use the 3xAA tube together with the M30, which I already have.
Another consideration, the bigger lumen outputs naturally go with the more throwy type of beams (like the M30 and M60), so it makes sense to emphasize the higher runtime of the M31L.
Finally, for emergency (or power outage, or travel) uses, runtime trumps higher, less efficient lumen outputs.
On the other hand, I don't really see much point to an M31LL, since you can get 80 lumens or so pretty easily with all sorts of AA flashlights, including ones at 1xAA. And you can get multi-mode flashlights at that (Fenix, JetBeams, etc.) to get REALLY low lumen outputs and insane runtimes.
By-the-way, I thought Paul from Maryland made some interesting points and I can see where he is coming from and why he is choosing not to get the M31. However, I think that the 1xAA form-factor is just inferior and unnecessary for key-chain type of carry, since the 1xAAA flashlights have developed to the point of being incredibly useful lights and more than capable of performing the key-chain EDC functions. Also, the Zinc-Oxide (?) rechargeable AA batteries are rather exotic and I would be surprised if a product like the M31 which is aimed at the mass AA-user market were to be made less efficient just to cater to the Z-O's.
Using the LiFePO4's is of course possible, but keep in mind their very low capacity (1/3 that of primaries, much less even than that of the RC123A's).
So for my needs, I think I will go ahead and snag one of the M31L's.