I am curious as well. On just 2 AAA cells, that's not enough to brightly light a Nachia. It's got to be either one of those newer type White leds that I have only read about but have never actually seen, OR, they are using a regulator. My bet is with option A, it's some sorta "newfangled led" that can illuminate on 3.x Volts. My only concern is, as alkaline voltage drops, how does the brightness/discharge curve look. Probably like any other direct drive 3 cell LED flashlight.
Ed, with many points to ponder over this offering. I just might have to break down and purchase one, but only after hearing favorable comments about it. I like UK's water tightness on their lights.