I have a Lambda MicroIlluminator which is a R3J Luxeon running at 155mA from a single AAA cell. It uses a Brinkmann AAA as a host and uses a glass lens...ran $70 back in July 2003 and still works fine. Battery life was 1 hour and 45 minutes on an alkaline battery, it has a tail clickie and a pure, white beam with a decent hotspot and broad flood. It's downside is the Brinkmann host, eventual clickie failure (mine is OK) and if you twist the head, it will crack the plastic reflector. Use mine every couple of weeks since the Matterhorn keychain light gets the most use. Still is the brightest, whitest AAA light I have ever owned.
Why not a bunch of Luxeon AAA lights? Several reasons and many of them have to do with cost and optics. A 5 or 10mm LED is encased in epoxy with it's own optic greatly simplifying building a small light. A Luxeon throws a flood beam and that makes the reflector/optic much more critical. The other point is the Luxeon must be protected by a lens which makes the light slightly larger, more complex and more expensive.
Most people would view a Luxeon driven at 50 to 75mA as not worth the added cost, complexity and size if it is only slightly brighter than a basic 5mm LED light. I can see why manufacturers would shy away from that concept. Heck, the Peak Matterhorn 3 Snow29 LED is very close and costs around $40 which expensive to most people.
That leads to a manufactuer's version of the Lambda MicroIlluminator. Presently, there are two of them; Fenix with the L0P and Peaks upcoming Ocean AAA. The L0P is reported to drop to 50% output after an hour of runtime on an alkaline battery which might not be the hot ticket for many people. The news coming out of Peak is the Ocean runs 90 minutes to 50% on an alkaline AAA due to a complex and more efficient curcuit and optics research. It uses a larger head for better cooling, holding the larger reflector and the larger curcuit. This would also explain why it costs $20 more than the L0P.
A year ago a CPF'er would of purchased a Luxeon AAA running at 50mA... but I would bet they would shy away from it now that the L0P/Ocean lights are coming out. My dream AAA light would be a Luxeon K2 with a high/low switch for 50mA/200mA outputs. Once I get the Ocean Luxeon AAA I have plans for the MicroIlluminator... pull the outstanding R3J Luxeon and MJ regulator out and attach it to a D cell for an emergency light. I can always put lithium AA batteries, AA alkalines, C or D cells in parallel so it will be a power outage light for my living room.