You may try reading datasheets and calculating the runtime by yourself.
Current to LED
===========
It should be 917 mA /ubbthreads/images/graemlins/smile.gif
Converter Efficiency
===============
It should be around 80% at that driving current. Usually, the efficiency will decrease as input/output increases. But it's hard for non-electronics experts (including me /ubbthreads/images/graemlins/wink.gif) to estimate the efficiency from the datasheet so I would just
believe this number.
Vf of LED
=======
The Vf bin of your LED is J. According to
Luxeon Product Binning and Labeling document (P.13), the Vf of your LED will be between 3.27 and 3.51 volts
at 700 mA. (IIRC, the Vf on the datasheet is measured at 700 mA, junction temperature 25 C. Correct me if wrong.)
The Vf will increase as the current increases. Thus, you need to adjust the Vf because the driving current is 917 mA. As I see
Luxeon III Emitter datasheet (P.8), the Vf will increase approx 0.1 volts at 917 mA. Because the average Vf of J bin at 700 mA is (3.27 + 3.51) / 2 = 3.39 volts, add 0.1 volts to calculate the average Vf at 917 mA and you will get 3.49 volts.
Required Power From Battery
======================
The LED consumes 3.49 volts x .917 amps = 3.2 watts. Assuming the converter efficiency is 80%, the batteries need to provide 3.2 watts / 80% = 4 watts. You are using two batteries so the power drain from one battery will be 2 watts.
Delivered Energy vs. Power Drain
=========================
The total energy, which a battery can deliver, will decrease as the power drain increases. According to Duracell's
123 battery datasheet, when the power drain is 2 watts, the total energy will be approx 2.6 Wh. (Please be aware that that is a log-log chart.)
Runtime
======
2.6 Wh / 2 W = 1.3 hours = 78 minutes.
As a rough estimation, I think it's not so bad /ubbthreads/images/graemlins/smile.gif