The ORB is not regulated, and the original RAW had only one level of output, so in that model (the one I own) running a primary will just result in lower output.
It is lower because a primary CR2 is 3V, whereas the rechargable is 3.6V. The runtime will be longer because the current is less (less voltage driving it) and also a primary cell has much more energy (mah) than a rechargable.
As for performance (light measurements, etc...) I don't have a lightbox and can't measure current/voltage under load because of the way this light is put together (no easy access to one end of the battery while in operation.
I run the rechargable because it is just as easy (and a lot cheaper) to pop it in the Nano when I need to. But I don't really use the ORB that much....
Sorry I couldn't specifically answer your questions, and I know nothing about how later models of the RAW (two stage, etc...) operate. I believe that the newest 2-stage RAW has an extra "epic low" level when using Primaries, but that is all I know.
Check out the website:
http://www.theorb.co.uk/ It might talk more specifics there.
dragoman