In lights with 4.5 volts worth of batteries, the LED is almost certainly not getting 4.5 volts, probably not even near 4v for AA/AAA types. The reason is that the current drawn by the LED when overdriven gets too much for the batteries to supply their full voltage- this is to do with internal resistance of the cells. Small batts have a higher internal resistance so can put out less current. For example in the Photon-II there are 2x 3 volt batteries= 6 volts but since they are such small capacity, when the LED is turned on the voltage drops a lot, to maybe under 4v. A similar thing happens in, for example, one of Brad`s conversions with 6 or even 12 volt batteries- the voltage drops considerably because the LED tries to pull more current than the battery can deliver. If you hooked an LED to a large regulated variable voltage power supply (I`ve got one here that will hold its set voltage rock steady for up to 5 amps current draw) and cranked it up, your LED would go all black and stinky before you hit 4.5v. With batteries however you`re normally safe overdriving an LED, except where you might use high capacity batteries- 3 D cells would probably cook a lone white led with no resistor whereas 3 AAs wouldn`t. It`s the current draw you have to watch for- the voltage essentially looks after itsself so I`ve found.