I can almost be certain that rating is for alkalines. Otherwise it won't make sense to have a 185 lm, 2aa light run 2+ hrs, yet a 630 lm, 8aa light run 1 hr. Unless the MC-E has less than 50% the efficiency of the Q5.
With Eneloops I'm expecting 2 solid hours, and 2.5 hrs with freshly charged...