Beacon, I gave the current draw from the battery in a previous post.
High was .7A and lowest Low was .025A. Just divide this number by the mAh of your battery to get run time. Probably should multiply by say 85% to account for driver efficiency as it converts the 1.2V of the battery to 3.2v to 2v (3.2v on high, 2v on low).
Ex. on low: 2000 mAh Eneloop on low @ 0.025A = 2000mAH/25mA = 80 hrs * 85% = 68 hrs. With an alkaline or lithium bat, capacity is around 3000mAh which gives around 100 hrs. Actually I think lithium's (L91) are around 2850mAh but nominal voltages is higher which should improve efficiency a bit.
Ex. on high: 2000 mAh Eneloop on High @ .7A = 2000mAH/700mA = 2.86 hrs * 85% = 2.43 hrs. L91 should be 3.64 hrs.
BTW, Spaldings post giving 2 hrs 20 min or 2.333 hrs on an eneloop gives an efficiency of 81.7% on high which might be a more accurate efficiency number to use, at least on high.