Sigman and Afterimage: The maximum runtime of 2800hrs on the Eternalight is using the dimmest setting. It uses PWM to control the power delivered and so is quite efficient.
The 4D and single LED setup will probably use a resistor to drop the voltage a little, and then it just blasts light out at whatever level the batteries can give. A little brighter, heaps less efficient, and probably a shorter runtime, though it might glow for longer.
Of course, if you hooked up 4D batteries to your Eternalight and set it to the dimmest mode, I think it would run far longer than a mere 2800 hours. And conversely, 4 LEDs and 3AA cells hooked up in a direct drive configuration will last only about 40hours.