buck = step-down
The converter reduces the voltage when the power source has a higher voltage than Vin. When the batteries drain and their voltage drops below Vin of the LED, the driver goes direct-drive and the light gradually dims as the batteries deplete.
You select the current at which to drive the LED.
Boost = step-up
The driver boosts the voltage of the battery which is less than Vin of the LED. When the battery dies, the driver draws more current to compensate for the lack of voltage to keep in regulation. This can be uncool for serial batteries and it is less efficient than buck, but it requires less batteries.
Buck/Boost
Is a converter that can do both, meaning it steps down when the batteries have more voltage than the Vin of the LED and when they deplete and the voltage sags, the converter steps up. Generally, this will be used for lights that use either one CR123 or one Li-Ion cell as the Li-Ion is just above the Vin of the white LED and will fall out of regulation soon AND as the CR123 needs a boost anyway, being under the Vin.
Current regulation
... is so important because it controls the current to the LED, thus the brightness. It is the only means to do that, as the Vin of the LED will shift over time and thus the drive current will change, it will grow and can kill your LED. And current regulation is of course important if you want constant brightness throughout the life of your battery. Otherwise the light will dim over the lifetime of the cell, which means it won't have its initial brightness for most of its lifetime.
Current regulation is a must for almost any good light, to ensure the output you want and to ensure the life of the LED.
PWM
... is "dimming by flickering" the LED in certain intervals. The less on-time, the dimmer it seems for the eye. This is in fact playing tricks on the human perception. PWM dimming works with ot without current regulation, both are indipendent concepts. Comparing the two is too much for my post, bust you might wanna search the good threads about this topic. Well worth it, you can leanr a lot.
bernie