That's the question I would have asked as well.
Recently I've been building a number of direct-drive torches using orange anmd yellow LED's and 2 cell configurations. In most cases I've got the cathode legs of the LED's soldered to a large piece of metal in the torch. The cathode leg is directly connected to the die of the LED (The chunk of gallium arsenide and silicon that actually does the work of converting electrical energy to light energy). Therefore, some of the excess heat is conducted away. These seem to be perfectly happy on direct drive from 2AA's!
In answer to your question though, if you are still using the resistor, you will get hardly any light output at all, as your original keychain torch had a 6V battery supply, and 2AA's are 3V. InGaN green, blue and white LED's will only light dimly, if at all on a 3V supply, even if the resistor is left out.
So, it's down to the colour and the chemistry of your LED!