1. LED Lenser holds the patents for engineered optics that allow the same lumens to be emitted in both flood and throw mode.
2. The alternative method is using an aspheric lens on an adjustable sleeve that either slides or unscrews to change it's distance from the LED. The total light output dims dramatically with this method when the light is cycled to spot as light is lost into the interior of the sleeve. All budget zoomable lights use this method.
3. It is difficult to make a flood-to-throw light watertight. The sliding bezel must rotate across one or more o-rings to do so. Also, since the interior volume of the light changes, vacuum pressure can cause the bezel to retract or extend into whatever position the light was in when the battery compartment was closed. Cheaper zoom lights work best when the light is purposely left non-air tight so that air pressure can equalize at both flood and throw settings.
4. Zoom mechanisms rely on focusing lenses... they work best with a very bright point light source on the focal point of the lens. Today's newer LEDs such as the XM-L emit much more light, but do so from a very large die. The surface brightness at any one point on an XM-L die is much dimmer than older LEDs. The result is zoom lights using them won't be able to focus to a very tight spot unless they use a gigantic lens which is impractical on today's small lights. A zoom light using an LED from 3 generations back will have a dim flood mode, but a very tight spot mode. Today's newest LEDs do the opposite: a very bright flood mode, and a dim unfocused spot mode.
I do agree that it's a real shame there aren't more zooming lights available. I saw a demo video on the net of a new technology that used a deformable lens. In one mode the lens would be flat, but twist a dial on the bezel and the flexible lens would deform into an aspheric. The demonstration video even showed it being used on a flashlight. If such technology were cost effective, I see many possible advantages. Since the internal volume doesn't change, it might be possible to make a watertight zooming light with none of the vacuum-issues of today's lights. (presumably the flexible lens would be behind a hard conventional lens so that the flexible lens would not get damaged or scratched.