Direct-drive isn't necessarily bad. A current draw of 1000 mA from 3 AAA alkalines is bad. Throw some NiMH's in there and you've transformed the light into a near-regulated light. No, not fully regulated, but close. Plus you don't have to worry about a driver going bad.
Anyway, I'd estimate the stock 7438's to be about 60-80 out the front lumens, but due to the optic lens in it, it'll out-throw many lights that have twice the lumens. The Vf of the emitters varies widely... I've tested about 80 of these, and on fresh NiMH's they've pulled anywhere from 550 mA to 1500 mA at the start. Appartently Coast doesn't use emitters from the same Vf bin. :sick2: