Some lights (and USB battery packs for that matter) I suspect use linear charging (at least for single-cell) so not too much overhead dropping from 5v to 4.2v. Of course going the other way from cell to USB requires a boost converter. Putting a lot of cable drop especially at higher current could eat that up. Short cable with low drop is the answer. Slight inconvenience but how often does one really need a 3-6 foot cable for charging?
That said, most 5v ac wallplug adapters I've seen are usually set a bit on the high side i.e. up to 5.2v to compensate for cable drop. But some off-spec ones a friend got were at low as 4.7v (which is why they were cheap...).
Dave