I'm afraid that I would have to disagree with you, Genxsis...
I was at the supermarket the other day and saw a single 5mm LED light, 2xAA, that claimed a lifetime of 50 hours on a pair of alkaline batteries. So, if an alkaline battery has a capacity of 3Ah at 1.5v, it has a capacity of 4.5Watt-hours. So, a pair of alkaline batteries is 9Wh. 9Wh over a 50h runtime is... 180 mW. The most you should overdrive a standard 5mm LED is to 30mA, 30mA times a 3.6v voltage drop is 108 mW. All of this assumes a constant power level throughout the flashlight's burn time, of course. More likely, the LED is being BRUTALLY overdriven in the beginning, and somewhere near normal levels for most of the flashlight's runtime, which isn't much healthier for the poor LED...
to sum up, if you overdrive a low-power LED (but overall, still have a low-power system), you get a flashlight with a short lifespan. However, if you were to, say, run a Luxeon III at half a watt you'd get an amazingly long lifetime, for the LED, anyways.