I've had my Q-III for about a month now, and it's my EDC. I use it "as needed" and would guess I've used it an average of two minutes a day on each of the past 30 days. So, that's approximately 60 minutes of runtime.
It's still going strong on the original Panasonic CR123A battery. Moments ago, I removed the battery and measured voltage with a digital multimeter. It's at 2.98 volts now. (I wish I had checked voltage before I first installed it.)
For me, the cumulative number of days I can use my Q-III as needed is more important than continuous-duty runtime. So far, I've very pleased with the efficiency of the Q-III.