The pill typically contacts the flashlight body (at least with the outer spring removed, which is a typical configuration), offering a thermal path to cool the unit.
1) The spring is designed to keep the module away from the body. It is part of Surefire's system for absorbing the recoil of an LAPD SWAT shotgun so the bulb does not break when the shotgun is fired. (Surefire got into the flashlight business because of this request by the LAPD SWAT for the LA Olympics.) The module should be able to slide back and forth which means contact is not guaranteed and heat transfer is iffy.
2) I took the head off my Dereelight and pushed the module back until the spring is fully compressed. The module can still wobble sideways indicating not all the pill comes in contact with the body.
3) Look at the wire going to your stove. It is heavy to move lots of electricity. Look at the wire going to your telephone. It is skinny because the current is low. Same with heatsinking. The module that may touch would not transfer enough heat away from the most powerful LEDs. It has to be screwed down or connected to the body with heat transfer compound or press fitted to the body. A P60 style module with marginal contact front and rear is no comparison to a HEAVY heatsink PRESS FITTED into the flashlight body.
I am not saying a P60 style module does not conduct heat. I'm saying it may not conduct heat fast enough to prevent an overdriven LED from having a short life.
I also think heat transfer may work a lot better if the flashlight and module is designed together rather than buying a module from company A and just sticking it in company B's torch. Dimensionally it may fit. Heat transfer wise it may not be the best combination.
Wolf-eyes P7/MCE modules should go into the Wolf-eyes lights they are designed for.
Dereelight DBS MCE modules should go into the DBS. Dereelight recommends they not be used in the CL1H series.