I don't know how bad it would be, but I have a Trek 7, one of the older ones I think. It ran directly from 3 C cells. No resistor anywhere to be seen. Don't use it much anymore because the size to brightness ratio is just pathetic, even after I put in extra LEDs and fresh cells.
I seem to recall, when I first joined these forums, there were quite a few people just banging lights together using 3 cells and a number of LEDs and relying on the internal resistance of the cells to limit the current. I believe one of the key design requirements was to match the number of LEDs to the cell size so as to operate the cells at the point where their internal resistance would start to be felt and distribute the current among an appropriate number of LEDs. Usually 3-6 LEDs for AA, 10-20 for C, 30 or so for D.
I think it was also agreed that overdriving will result in shortened LED life, but so long as you don't get magic smoke straight away, or turn the die black, the LEDs will last long enough that you'll be retiring your flashlight long before you reach the LED half-life anyway. So a little bit of overdriving would be fine.