The last 12 lights I've built, (including three 3 cell M*gs with Luxeon IIIs and a 5D with a Luxeon V - VX1T) are direct drive conversions with NO resistor, using TX0K and/or SYAKs, running off of regular alkalines.
No problems on any of them... Although they ARE massively heat-sunk, and I haven't tried any endurance tests with them yet.... Just "normal use"
And my current project is a direct drive TXOK off of Lithium Polymer.
As you might assume, I'm a direct drive advocate. Sure, my light might dim a little as time goes on, but I'll have SOME degree of light long after many regulated lights go dark..
Less expense to build, less space required, easier wiring, fewer components to go kaput on you; therefore more reliable.
Give me brute force over something fancy and sophisticated every time /ubbthreads/images/graemlins/wink.gif
And if the "big one hits" my DD lights are a little more likely to keep on shining.... All I have to worry about is the LED itself. No inductors, ICs caps and resistors to fry in the pulse.