Lynx_Arc, I would tend to agree with your comments here. In fact, I no longer own my BayGen radio or flashlight for the same reasons you put forth. Why bother cranking when you can have hundreds of hours of runtime with appropriate batteries?
On the other hand, it sounds like you haven't explored the current generation of hand cranked lights, at least the ones produced by Freeplay. None of them still rely on 5mm LEDs. Their Jonta model uses a Luxeon emitter and can provide 12 hours of continuous bright light because like some of their other models it is rechargeable as well as hand cranked and their cranking mechanisms, when compared to cheap wind-up products are highly sophisticated and efficient.
I think it's important to remember what the Freeplay products are actually designed for. As I pointed out in my previous post, these products were originally developed for use in primitive African villages where there is no electricity and batteries are unaffordable, or as is more often the case, completely unavailable. In most ways the current Freeplay products are still designed with the same usage conditions in mind, although they've found a wider audience in more civilized settings.
The OP of this thread had a specific and I think appropriate reason for his interest in a hand cranked light. As a resident of Tokyo, especially considering recent events, he knows he is in a major earthquake zone. During a disaster of that magnitude it may not be possible to access your stash of batteries or obtain new ones. In fact, the OP said, "During the recent earthquake and tsunami here, there was a run on flashlight batteries". One might need a reliable flashlight for days, weeks or even months and a high quality hand powered torch would be the best option in that situation.