here is another idea, if you had a poorly regulated 3AA light, the ni-mhys in it would never get the "Reverse Charge" thing occuring badly.
so another possibility when you have the 4AAs like this and a high starting voltage, is that even when 1 Ni-Mhy is totally depeleated, the light would continue to operate.
ya see what i am saying? with this configuration and the "very well regulated" curcuit, your more likly to Damage a ni-mhy by reverse charge.
i donno but i thought of that later.
because you know i WOULD use ni-mhy in it, so i was analising (to death) why that would be a problem. and there is one problem that can exist.
in ASKII it might look like this
-1.1V--1.3V--0V---1.2V-
total 3.6v, enough to drive a good curcuits led, without seeing it dim much, even after 1 cell is shot, and headed for reverse charge.