I'm betting the light isn't regulated because I seriously doubt you can get 200 lumens out for 8 hours off 2AA batteries. Medium mode and high don't seem to have much spacing between them, 8 vs 11 hours suggests that they are too close together to be useful. In other words it has a low medium-high and high mode. The fenix 2AA puts out 140 lumens for about 4 hours and I seriously doubt that any other 2AA light can beat that by 50% more output for twice the runtime which is about 3 times the light.
I'm guessing the dorcy starts bright and dims to nothing (10%) while the fenix is regulated and would hold the 140 lumens for 3+ hours while the dorcy would be at maybe 50-60 lumens at that time.