There a couple reason that BB's have heat related problems.
It's a non-linear relationship between the battery, regulator and LED that the combination gets iffy at some point.
That is to say, at some point drawing more current may be diminshing returns limited by the internal resistance of the battery.
In the case of the BB750, because it is not as efficient as the nexgen it needs to draw more current on a fresh battery to try to keep the output in regulation. This additional inefficiency with a 123 battery tends to crest over the diminsihing return curve.
Why? That's because the BB750 tries to suck 1.1A to regulate 750, but, at 1A input draw the 123 drops ~1/2 Volt from 3V downto 2.5. Now the regulator actually sees 2.5 on it's input and it needs to draw 1.4-1.6A to boost 2.5V to 3.5V @ 750mA. This tends to put the converter board under more stress than needed. If the 123 didn't sag, this would not be an issue, but, the fact is 3V is a low voltage technology and like processors in modern day computers, dropping a couple tens of a volt can make or break todays modern electronics.
So, why does nexgen not get as hot? Won't it do the same thing?
Funny, but, the nexgen regulates just a little better and the 1A draw + the internal switch voltage drops are a lot less and thus the converter doesn't have to work as hard and even as the battery voltage drops the converter stays very efficient close to 90% most of the time, so heat generated is more or less constant over time.
The Badboy as it draws more current becomes very lossy and the efficiency drops dramatically when it draws currents over 1.2A or so. The BB750 on a fresh 123 will actually do quite well, but less efficient. As the battery depletes the BB will get less efficient and the heat generated will go up.
Wayne