A misconception or two seems prevalent about parallel packs. It's true that different cells may supply different currents, but this is good, not bad. If all cells are charged to the same voltage initially, but one cell is "weak" (has lower capacity), it will supply less current to keep the voltage on it the same. This means all cells will hit 1V (and have dumped their full capacity) at the same time. Put them all in the charger, and they'll be charged back up, with different currents, but to the same voltage. You can't drive a cell into reverse voltage without driving the whole pack reversed, which can only happen if you force current through with an external source (e.g., hook up the charger backwards).
Now if you connect those same cells in series, and discharge to 2V, the low capacity cell will drain first, but when it hits 1V, the other cell is still at 1.2V, so the light keeps drawing current from both cells. The weak cell might be at 0.85V, and the strong cell only at 1.15, when the pack hits 2V -- you've overdischarged the weak cell, weakening it further. Repeat.
There's two possibilities: you can either use a higher threshold to compensate for the weakest cell that might be used, in which case you get less usable capacity than the parallel pack, or you keep the threshold at 2V and ruin the weak cell, eventually driving it into reverse voltage when it gets weak enough. (Obviously, in a 2s pack, it's hard to actually reverse-charge a cell, because there's just not enough voltage in the one other cell to keep the pack above any reasonable threshold. But in 3s and up, this very bad possibility does exist.) Particularly with Lithium and Lithium-ion batteries, this is rather dangerous; NiMH could overheat and start a fire, but won't burn or explode under such abuse.
But TANSTAAFL; a parallel pack's not perfect, either. If the cells are mismatched in voltage when you put them in, the more highly charged cells will shunt high current into the discharged ones -- especially bad with non-rechargeable cells! And if one cell is weak, it doesn't get abused; but it doesn't take its fair share of the current, and if you designed for the maximum current the cells can deliver, the stronger cells will actually be overloaded. You need to back off from maximum current (limiting power) by a similar amount that you had to back off the minimum voltage (limiting energy) for the series pack
Now if you connect those same cells in series, and discharge to 2V, the low capacity cell will drain first, but when it hits 1V, the other cell is still at 1.2V, so the light keeps drawing current from both cells. The weak cell might be at 0.85V, and the strong cell only at 1.15, when the pack hits 2V -- you've overdischarged the weak cell, weakening it further. Repeat.
There's two possibilities: you can either use a higher threshold to compensate for the weakest cell that might be used, in which case you get less usable capacity than the parallel pack, or you keep the threshold at 2V and ruin the weak cell, eventually driving it into reverse voltage when it gets weak enough. (Obviously, in a 2s pack, it's hard to actually reverse-charge a cell, because there's just not enough voltage in the one other cell to keep the pack above any reasonable threshold. But in 3s and up, this very bad possibility does exist.) Particularly with Lithium and Lithium-ion batteries, this is rather dangerous; NiMH could overheat and start a fire, but won't burn or explode under such abuse.
But TANSTAAFL; a parallel pack's not perfect, either. If the cells are mismatched in voltage when you put them in, the more highly charged cells will shunt high current into the discharged ones -- especially bad with non-rechargeable cells! And if one cell is weak, it doesn't get abused; but it doesn't take its fair share of the current, and if you designed for the maximum current the cells can deliver, the stronger cells will actually be overloaded. You need to back off from maximum current (limiting power) by a similar amount that you had to back off the minimum voltage (limiting energy) for the series pack