I've been totally digging my 3200K modded Gerber Infinity Ultra. After almost a year of very steady use, I can confirm the level of overdrive on that light is not causing any loss of lumens that I can detect.
I also have been putting a TON of time on a 5600K in a Rayovac 2xAA plastic incan host. I started with "dead" alkalines at 1.41 volts each, and it was plenty bright, and the wide beam works with the reflector to produce a nice hotspot. This sucker gets turned on in tailstand mode while I get ready for bed, and listen to some news, look at the phone, well, about 15-20 minutes of stuff on average, EVERY night. Well, about a month ago, I had to toss the batteries since on my regular inspection for "alkaleaking" the rear cell was starting to sweat out it's nasty guts. The light was still quite usable for general purposes, though noticeably less bright than when it started. I believe they were still at about 1.3 volts, and would have gone for another eternity if I did not want to spare the light from the corrosive leak.
I find it amazing that just an LED can be a total battery vampire, without any kind of boost circuit. Direct drive is very efficient, but when two alkalines get this low, you usually only get a moonlight, or more like "firefly" level of brightness. These have to have a killer low forward voltage.