You are right. And while there are different types of regulation (i.e. buck vs boost, current vs power), the goal is generally to keep up the brightness of the light as the battery voltage drops. This means that the current pulled from the battery must increase as it is drained, and that it will eventually die sooner, and usually more abruptly, than a direct drive light. So it depends on whether you value keeping a light at max. brightness, or lit as long as possible which one has an advantage for you. Regulated is certainly more popular, but is worth mentioning that it is hard in practical application to notice a pretty large percentage drop in brighness, so direct drive should not be considered absolutely inferior.