Doug raises a _very_ good point in differentiating between duty cycle modulated dimmers and regulation.
A duty cycle modulated dimmer acts by using an electronically controlled switching element (often a MOSFET for battery powered lighting applications) to rapidly turn the power to the load on and off. By adjusting the percentage of time that the load is 'on', you change the power being delivered to the load.
This duty cycle modulation can be _very_ efficient. In theory, during the 'on' period there are no conduction losses, and during the 'off' period there is no current flow and again no loss, and the and the transitions are instant and loss-less. Real duty cycle modulators have real losses, but efficiencies >99% are easily obtained. However it is _not_ regulation.
You can also obtain dimming by using some sort of variable resistance. In fact, a MOSFET _can_ be used in this fashion by supplying it with a control signal that is appropriately chosen to be between 'on' and 'off'. When you use a variable resistance as a dimmer, you _always_ lose considerable energy in the resistance.
For _regulation_ you need to measure a controlled parameter, and use this measurement to adjust your output to maintain your desired target value.
A _regulator_ _might_ use PWM modulation in order to adjust the output, or in _might_ use linear (resistive) modulation, or it might use some other modulation technique entirely.
Furthermore, a regulator _might_ produce a flashing output, or a regulator might be combined with non-regulated control loops. A regulator might not even include internal storage elements.
For example, the 'Willie Hunt LVR-3' uses a PIC based PWM modulator, and looks quite a bit like an ordinary PWM dimmer. However it measures the input voltage and uses this to adjust the PWM period, maintaining a _constant_ RMS output voltage. There are no storage elements in the circuit, and the _output_ voltage is not sampled. However when used to supply an incandescent lamp, this circuit results in very stable light output over the life of the battery. I would call this a regulator.
For LED applications, a microcontroller based current regulator would be quite useful. This device would _measure_ the output current, and then adjust a PWM modulator in order to keep a capacitor charged and maintain this output current. This would be a regulator with a storage element (the capacitor). Finally, in order to _dim_ the LED, one might reasonably PWM modulate (at much lower frequency) the otherwise _regulated_ output, in order to cause the LED to flash rapidly. One would do this to maintain color temperature while dimming the LED. I would consider this a _regulator_ combined with a PWM _dimmer_; the regulator part using feedback to maintain the desired drive current, and the dimmer being part of an unregulated control loop.
-Jon