Roth, I'm not so sure. The Vf of an LED is a funny thing. The published Vf generally refers to the voltage dropped when the rated current flow is going through the emitter; but at lower voltage there's still some current flow, just not as much. Of course, at some point the voltage is simply too low for anything to happen at all.
Think of it like a dam across a river. Until the water reaches a certain height, nothing happens. At some point a teeny bit of water flows over the dam. From this point on, as the water rises higher and higher, flow over the dam increases more and more. That's kind of how it is with Vf and current flow.
With regard to the immediate question, the 3V from the 123 cell won't be enough for the full amount of current flow to occur, even in direct drive. My guess is that the star is enough heatsinking for such a case.
However, be careful paulr! This is a special case in which you effectively sidestep the normal situation. Roth's right with his advice on this for most cases... so go for it in this application, but always be careful!
Note that I'd never leave a bare emitter sitting there without some form of additional heatsinking, just that the star does give enough heatsinking for some limited applications such as yours.