Another overlooked option is the M60LL, or I suppose its new equivalent of M61LL or the new M31LL when it comes out.
These LL modules are not that bright but you do get crazy runtime. I think they are a better match for 2xAA configuration than full blown M31 version. I run M60LL on 3xAA and get several days of runtime on Alkalines and a good day on Lithiums.
I tried running M31 on 2xAA now, that thing is insanely bright but thirsty - bring a lot of spare cells with you.
Interesting idea - running an M60/61 LL on 2x AA. I just tried it with an M60LL, M61LL and M61WL using 2x AA Lithium.
In each case, the 2x AA lithium has less output than 2x 14500 LiIon, but still substantially more output than a 2AA Streamlight Polytac LED. Quite usable, at least initially.
I also very quickly measured current at the tailcap:
2x 14500 LiIon - M60LL: 122 M61LL: 120 M61WL: 243 (mA)
2x AA Lithium - M60LL: 220 M61LL: 240 M61WL: 195 (mA)
For the LL versions running on lithium AAs, initial current was around 300 mA, which dropped over the course of 20 -30 seconds to the listed values.
I won't bother with checking alkalines or Eneloops now. Perhaps when I get my M31Ws I'll do more.
So, you could run this way. I'd most likely reserve it as a fall-back for when the LiIons are depleted and all the backup CR123s are used up as well.
With the M31 series, I'd like to run a two stage light - saving the high output/high drain mode for when it's really necessary.
- Syncytial.