My 602A1 (which I just received from FifthUnit, and doesn't have the 1.2V start limitation) runs for 1hr 3min to 50% on 2300mAh AA. It is well regulated (e.g. it's still at 85% at 58 mins), and provides a reasonable moon-mode (i.e. was around 2% when I stopped the test at 2 hours).
No idea for the HA III model, but I suspect there's wide differences among batches. For example, my 602A1 has very different retaining rings from other samples I've seen posted here - and then there's the 1.2V starting voltage needed on many (but not mine). I'll post a more detailed review when I get the chance later this week.