No failures yet with my LS but have come across a couple of quirky AAAs.
NOTHING is reliable enough to bet your life on(or anything else on, for that matter). Reg. lights usually have more parts than non-reg, so they're even more prone to fail. Failure of any one of four things: bulb/LED, circuit, switch, or battery, could leave you in the dark.
Things tend to fail at the worst possible time. Don't leave it to chance. ALWAYS carry backup. And if it's really critical, carry backup for your backup.
An ARC-AAA or Photon or other small light, at the minimum, should accompany your main light.