Yep, since my M60 operates direct drive on a single cr123a, and it's doing maybe 20-30?? A bit dimmer than a 30 lumen single AA energizer light from target. I guess if it's a really low Vf sample it might get like 60, but 130? Not even close. Not saying it's impossible to do on an LED but I don't think you're gonna see it from current gen XREs.
*edit: Oh, and when i called gene the other day with some questions about running the M30 in a G2, he confirmed it was a boost circuit, :)