Performance varies with this combination. A few report that a 3 volt CR123 won't power it at all, so it's safer to use rechargeable RCR 123s at 3.7-4.2 volts. The current draw is enough that regulated runtime is modest - I think there are runtime charts around if you look. Output drops from the start a bit, then 15-20 minutes seem to be common until the rechargeable shuts down if protected.
Makes a nice small bright light, but gets very hot and unimpressive runtime. A Cree or Seoul based light nowadays will handily outperform this on all counts. I have both, and I'm thinking about how to upgrade the KL4.