regulation circuits
pros: [as mentioned above] Longer and more stable period of light during its runtime
cons: Shorter overall runtime than nonregulated depending on the efficiency of the regulation circuit.
theres a couple types of regulation: the best being current regulated circuits
theres a few regulated lights that dont have a "moon mode" meaning the when the voltage of the battery decreased below the low power cut off threshold of the regulator, the light ceases to function. this occurs in a couple Nuwai lights as seen on the graphs of flashlightreviews. [lights like
this that will put you in a dark room the moment you notice the light is getting dimmer]
the other, more common regulators possess the low voltage cutoff but the regulation circuit is bypassed when the voltage decreases to a specific level and the light becomes direct drive:candle: not much of an improvement but can get you out of an emergency. [lights like
this or
this notice the regulation (flat line) region going down a regular discharge slope]
the third [im familiar with in usage, not not technicality] is current regulated circuits that supply a constant current to the LED emitter regardless of the battery condition. this allows the LED to be driven on spec for the period of its usage, but the side effect is for current regulated circuits to function properly the power source must be able to give out high current continuously. Since Alkaline batteries have internal resistance by design, lithium primaries are used. the downside to these circuits [recently realized] is its ability to cause venting of the battery if the cell is in no condition of being drained...as seen in the Alph 1 explosion. [Im pretty sure thats what stenlight S7s use also...this I am not sure]
non regulated lights are more durable because of lesser components required for its function, but unless its battery has a relatively large capacity and the power conssumption of the LED is relatively low, don't expect to see long runtime without noticing steps down in light output or intensity.