Current consumption and input voltage have to both be taken into account.
Assuming 100% efficiency, a light with a 1.5v power source drawing 1 amp, pushing 3.4v to the LED would be the same brightness as a 3v light drawing 500mA pushing 3.4v to the same LED.
Circuit efficiency is never 100%, and is often FAR lower. The Fenix L1P circuit for example is about 50% efficient, so current consumption can not be directly translated into brightness, even if you know the input voltage.
Thats not even taking the differences between LED's into consideration.....
Incandescents are a whole other story though, since very very few of them have any sort of electronics. So yes, knowing the input voltage and current of an incandescent flashlight, and multiplying them (3v input at 500mA is 1.5 watts) then you can get a pretty decent idea of brightness.
Then there are other thigns to take into consideration, halogen versus krypton versus xenon....