Battman,
The BB500 drives a Luxeon at 500 mA. The KL1 drives the Luxeon at around 360 mA. If the BB500 has a Q rank LED, it should be brighter. If the BB500 has a lower flux rank, it may still be brighter, equal to or dimmer than the KL1. This statement is also based on the BB500 using a collimator as the KL1 does. When it comes to Luxeons, I think the CORRECT statement is that Your Mileage WILL Vary.
- Don
EDIT: Since both the KL1 and BB500 have constant current regulation, the freshness of the batteries is not significant provided they are not depleted to the point of the circuits dropping out od regulation.