There are lots of 2AA and 3AA Luxeon lights, but you said you wanted something powerful, so I'll skip those.
There's the Gerber LX 3.0, a long and skinny unregulated Luxeon III light that takes 3 AA batteries. There's also the Elektrolumens Blaster-Jr. That's a side-by-side Luxeon III (?) 3AA light. Both are unregulated, so they'd probably maintain their brightness much better with NiMH batteries than with alkalines. Those are the only Luxeon III AA lights that I know of, besides the Elektrolumens XM-3, which I would not buy in consideration of the following.
SmartFire 2AA 3-W clone: Brighter than most Luxeons, but still has decent battery life. Uses about 1.5 W; runs best with NiMH cells - about 2.5 hours. $20 from Emilion. If a regular old Luxeon is not bright enough for you, the SmartFire would be my pick for a balance between price, size, run-time, and brightness.
If you really want throw and don't mind a slightly larger light that uses more batteries, you want the Streamlight ProPolymer 4AA Luxeon. It doesn't make the most efficient use of batteries, but the throw is the best of any Luxeon, thanks to its tightly regulated overdriven Luxeon and deep reflector. About 4.5 hours on 4 batteries: alkaline and NiMH cells work equally well. Throw is better than most Luxeon III lights. Not good for close work.
I'm not aware of any 4AA Luxeon III lights. You could buy a 4AA Luxeon and mod it with a Luxeon III, running on 3 or 4 NiMH cells. You could also use a 3C or 4C Luxeon III or V light with AA adapters, but naturally these are a bit bigger and heaver than all of the above. The Nuwai ALX-233C 3C Luxeon III looks nice.
The Nuwai Triple 3-W light on 5 AA NiMH cells puts about 9 watts into the LEDs and lasts about 1 hour with all 3 Luxeon III LEDs turned on. You can trade off brightness and run-time by switching on fewer LEDs or using 4 AA cells instead of 5. This light was designed for 3 D cells, so it's big and heavy. But with insanely high output and throw, it just might be the most powerful AA light, pound for pound.