difference between...

What kind of AAs? Carbon, alkaline, NiCd, NiMH? Even lithiums come in AA form, with 1.5 and 3 volt models both available.

Assuming you meant alkaline AAs, while two lithium 123s and four AAs each provide a nominal 6 volts, the voltage under load may be quite different, depending on how much current is being drawn. Lithiums can generally provide more current than alkalines for a given voltage.

So if you're talking about a Luxeon Star, an optimal solution may involve using different resistor values.

But in the case of single 20mA LED, I wouldn't think so.
 

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