I've been an NSS member for 24 years.
I've been caving for the last 3 years with a LuxeonV headlamp that uses a full-custom boost current regulator with continuous brightness control, with the Luxeon mounted on a CPU heatsink so that I can run at full power for extended periods of time if I need it.
I chose a boost regulator because it normally runs at lower power anyway, mostly negating the efficiency advantages of a buck regulator. In addition, I can then use (at a minimum) 2C/AA cells in a pinch. I can do all of my normal caving and expedition caving with 4AA NiMH or 4AA lithium batteries.
When a new Luxeon (or equivalent) comes out which is substantially better, I'll probably design another one.
Scott