bdhs,
I'd probably have to say that for power outages, LED's are probably the way to go...even an Opalec in whatever host you desire can provide fully regulated output for 8-10 hours, plus more diminishing light for up to 5 additional hours from 2 ordinary alkaline AA's, all in a relatively small package.
Incandescent regulation has its place in the ranks in my opinion. I agree with you about the nice beam of a G2 on fresh batteries. Nice and white, with good sidespill and adequate throw. Then, after 20 minutes or so - I notice the yellowing and reduced output, and it seems to go downhill from there...
Seems to me that the trick to a good LVR3C application is to match the bulb's design voltage with a battery combination that equals the total battery depletion voltage. With the P60 for instance, 3 x 123 is just about gone at 1.8 to 2 volts under load, so it should be just about right for the P60 (5.5-5.6 volts). The LVR will warn of battery depletion before it happens, so the light wouldn't just die suddenly w/o warning. I've had rechargeables that would go from bright to useless in under 60 seconds...
You don't have to worry about any of that if using the LVR3I because the lo-batt warn and optional lo-batt cutoff points are fully programmable for whatever battery config you are using. Works fabulously for my bike light.
If the G2 config isn't to your liking, then perhaps a 2 x 123 config driving a 1 x 123 lamp might be the ticket. Then there are all the possibilities of AA's in a 2D maglight, driving an HPR50, etc.
So many choices...
John