Here is the results for a little test I did back in Mar-Apr of this year that I reported in a thread that started on 4-7-02 in the "Electronics, Batteries Included" Forum.
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"I put a 3.6v Li AA in an ARC sls and ran it for one hour! Starts off VERY bright and at the end of the hour, I would guestimate that it was about 50%-75%. You could read something close to the light. Plus the flashlight got very warm to the touch. Turn the light off and let it cool down and it comes back to about half bright. Unloaded the battery recovers to almost new voltage. In a real life usage (a little on, a bunch off )the battery might be usefull. At $2.50 a battery, give it a shot! At $10.00 from Radio Shack, I'll not do this again."
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It was a TL-2100 Tadiran Li battery.
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And here's a runtime plot of a ARC LS with a 3.6v Li battery.