Yep! A decent drop too... It usually cools down to around 1.33-1.36V (.1V difference from Maha's cool cooker)...
DDing 3.6V NiMH to an LS is on the high end (about 1.0A current), but the LGI obviously does it with excellent heatsinking. Pushing 4.5V Alkalines is nothing, since these guys are so high in internal resistance, and they drop their voltage like butter melts (from 1.45V down to 1.25V and current is low)... But 1.4V NiMHs (4.2V) could fry an LS (4.2V x 1.0A = initial 4.2 Watts! /ubbthreads/images/graemlins/ooo.gif into a 1.25W LS)...