The FreeLight is not regulated. It has a DC-DC step up and batteries that have a pretty flat discharge curve...these all make it "pretty much regulated," but it is not really regulated.
Yes, the madmax and badboy regulators are regulated! dat2zip makes fantastic regulators for those of you wishing to make your own mods. I myself prefer "regulation" until a certain battery capacity remaining, where the regulator switches out of regulation and into a long-lasting "emergency mode," or "moon mode."
Very nice....
There is something to be said about the "higher output" lights that are semi-regulated....For example, take the ARC LS. The setup in this flashlight is very ideal, since the batteries can't deliver the increased current that is needed over time to keep the regulator "regulating." Thus, it drops into moon mode at lower battery levels. You still have light to get you home...there is less chance of blowing up or damaging your batteries (if they're nimh or nicad) and you still get the "regulated" part when the batteries are mostly fresh to even fairly used.
This is not a problem with the Opalec, as the draw of 3 little 5mm led's is really not that much compared to a luxeon star led.