Well, let's say the lumen rating is overstated, just like it is for the 2L (rating is for the emitter only, not the whole light). If it's using a Downboy-like regulator, that can be more efficient than the boost converter in the LSH. The P flux Luxeons that were premium when the LSH-P came out aren't anything special these days. Plus, it could be overdriving the led a little. So maybe it makes 20 real lumens, not bad. An AA alkaline has maybe 3.5 WH of energy so four of them would have 14 WH. At 1.2 watts, the 10-12 hour figure is again sort of believable. What does "low 80 hours" mean? Does the light have a low setting?! Or does it just mean a long decaying tail with the light running out of regulation.
I have a 2AAA eLED and it's actually pretty nice. I did a runtime test with 700 mAH NiMH AAA's and it left regulation after 12 hours or so. It claims 20 hours with alkalines, and I guess I believe it.
This light will probably be under $25 discounted. That's the cheapest regulated Luxeon light I've heard of yet. I'm pretty interested. In fact, runtime should be 5-6 hours on a 2L. Sounds like a pretty nice alternative to an E2e/KL1 combo.