If you want a long-running AA light, get an Arc AA or CMG Infinity Ultra. For an even longer running one, get a CMG Infinity. These are bright enough for most situations where you need a long running light.
I think the SL4AA overheating stuff was only with the early ones and they've since fixed the resistors to lower the power a little.
It may be that the SL4AA is more reliable than a single-LED light. If one of the SL4AA's leds goes out, the rest still work.
If you want a real last ditch emergency light, get a Tek-Tite Trek Lithium. It uses a special 3.6 volt Li AA battery with 20+ year shelf life, runs for 60+ hours, and has no electronics to to fail other than the LED.
BTW, you can get an Arc LS for around 60 USD either from one of Peter's specials or on BST if you keep an eye out. It's a much nicer light than a Minimag+sandwich. Another alternative is a Surefire KL1 head with the Vitalgear 2AA/3x123 battery pack. It's a little larger than a Minimag and gives you a 1 watt Luxeon light with 8+ hours of runtime on three 123's. That would also be about 60 USD.