Like Ciam said, but in slightly different words...
If a light will run on both 2x123 and 1 single 3.7v li-ion rechargeable, then, the light has some type of regulation. You don't really lose the "high voltage advantage", which I'm guessing you mean the 6 volts of the 2 primaries versus the 3.7 volts of the rechargeable, because the regulating circuit will, for the most part, keep the voltage at a constant level. In the case of Lux V ("5w") lights, even 6 volts isn't really enough to light the LED--the circuit will boost the 6 volts of the primaries or the 3.7 volts of the rechargeable to the needed voltage and keep the current constant.
Another thing that comes into play is the internal resistance of these two different types of batteries. The li-ion batteries have less internal resistance and can supply the needed current more effectively. That's why you sometimes see people running their 3x123 incandescent lights off of two rechargebles without loss of performance. It's because the 9 volts of the 3 primaries actually sags under the high current draw of the bulb (the voltage drops when trying to meet the demand for a current that is beyond it's ability to effectively deliver) making it more like the 8.4 volts of the two rechargeables (the 3.7v batteries charge, fully, to 4.2v). So, the two rechargeables, with less internal resistance, will be able to deliver the voltage and current more effectively, which makes up for their difference in voltage.
I've got a 3X123 light that actually runs BETTER on two rechageables! It will keep the brightness closer to maximum for a longer period of time than will the primaries.
Hope this helps.