I think the reflector and bulb is "what", for the most part. They are a compromise to achieve good throw, on a budget. You have to remember that the typical Mag costs under $20 and, is a dependable flashlight. Thats a good part of the reason so many modders use them as a host.
Actually, as far as just throw is concerned, Mags really aren't that bad. Thats where the smooth reflector comes in, albeit, with lots of nasty artifacts. They dont use high dollar bulbs in them either, however, they are also readily avaliable. Another way to keep the cost down.
A lot of Mag bashing goes on these days but, in reality, there aren't that many lights, for under $20, that can outthrow a Mag.
Dave