Thanks, Grizzman. Didn't know they performed this well in runtime.
I agree with your last comment. I also think that heat, while a valid reason for stepping down the output, can also be a convenient pretext to hide the fact that not the most efficient or advanced circuitry has been used.
It's not really about being efficient or advanced circuitry.
There are 3 main types of driver.
Buck. This is when the battery voltage is higher than the forward voltage (vf) of the LED. The driver 'bucks' the voltage down. This can produce heat and there is an argument over how efficient these can be. Most Cree leds are 3.xv as a vf. So 8.4v from 2S Li-ion needs quite a bucking. The good thing is, it is easy to maintain the required voltage and the load on each cell is reduced. Many lights using this power source, despite the ops claim will be able to offer flat regulation of around 1000 lumens OTF. The game changer has been the inclusion of Turbo modes which are higher, and the next mode down being lower. Some might claim you got more for less when not having a turbo mode as you might have a higher sustained output.
Linear. This is the most common driver in 1xLi-ion lights. While the battery voltage is close/slightly above the vf of the LED, it will give you a regulated output. The harder you drive the led (more amps), the more sag you get from the battery. So the less time in a regulated output. These drivers are normally quite efficient. But can only offer regulation under certain conditions. Once the battery voltage drops below 'x' point, that's no, more regulation for that output mode. These are fully battery dependant. The better the battery (in performance not mAh) the better it will perform. Some of these lights have a 'direct drive' mode. Which will essentially give you all the power the battery can muster without restricting the current. You loose the regulation, but gain in output.
Boost. These drivers work when the battery voltage is below that of the LED. They use additional amps to boost the voltage higher to make the LED operate. These are commonly found in AA or 2AA or even CR123a lights. As those batteries have a lower voltage than the LED. These can be efficient too, but can be hard on batteries and might require excessive amp draws from the batteries to be able to get the amps and volts to the emitter.
Some lights like the Zebralights use a combi drive that can buck or boost. Which is why they generally get good runtimes and regulation. The trade off is cost and that they are probably a bit hard on the batteries.
In 2 x Li-ion you won't typically find a boost driver, because at the lowest shut off voltage for a Li-ion, you'd still be way above what is needed for most LED's (not all, but the common small Cree LEDs).