Here is a quote from a post by McGizmo about converters at the Sandwich Shoppe. I hope it helps you.
"I have seen various posts in regards to the wizard converter and of course now the next generation Wiz2. For those unfamiliar with the wiz, I think a little background is advisable. I will relay what I know and recall, to the best of my knowledge. The best of my knowledge may fall short of reality so please chime in and make corrections where needed!
Wayne started his drivers with the max series. These were and are voltage regulated drivers which boost the supplied voltage up to higher outputs to the LED's. His next development was the BadBoy converters which are a boost circuit that provides a set constant current to the LED. For various reasons, the LED manufacturers suggest a constant current drive as the preferred method for driving LED's.
Some time after SureFire came out with the KL1 shich has a buck/boost constant current driver, Wayne came up with the wizard. A buck/boost driver can accept voltage both above and below the voltage required by the LED and it, in the case of a constant current buck/boost driver, can either boost the voltage up or step the voltage down while continuing to provide a constant current to the LED. Unfortunately, the versatility of such drivers comes with a cost which turns out to be efficiency. This loss in efficiency can be considered in terms of reduced runtimes but in the case of these LED lights, I think it is important to consider where this "wasted" energy goes! Yup! Heat!
To my limited knowledge, the KL1 is the only commercially available LED light with a buck/boost driver. It provides a constant current in the mid 300 mA's to the LED. Wayne's Wizard, with an output set at 400 mA is very comperable and can handle an even greater range of input voltages. The inefficiencies wasted in heat, at these drive levels can be handled by reasonable thermal considerations and relief in good flashlight designs. Unfortunately, with the 5W LED's and now the Lux III's there are needs and demands for more current and power than the wizard is capable of. A 611 mA output for a LuxIII or 1 watt LED has been accepted as the maximum output to demand from the wizard."