Cree XLamp LEDs will be that bright if you supply it with 4.2V Li-ion battery.
But it is dangerous for flashlights like L1 because those lights are too small to keep the LEDs working at a acceptable temperature. And as far as I know, LEDs working at a high temperature will go dead very quickly.
Long time ago, I've seen some friends using 18650 Li-ion batteries to drive Lumileds 3W LEDs directly or with only a resistor in the circuit. At first those lights were very bright but soon they went dimmer and dimmer. After about 1 year, those 3W LEDs could only be as bright as 1W LEDs. So I suggest not to use L1D with Li-ion battery.