"I was talking with someone about the Microstream. Such a solid platform but why 45 lumens when 10-15 prob can do just as well and triple the runtime?"
Right -- give me 6 hours at 15 over 2 hours at 45, any time.
Worse than that -- if you are running an Alkaline AAA, then that Microstream is not going to give you 2.25 hours of 45 lumens in any case. It will give you 45 lumens for the first 15 minutes or so, and then it will sag down to 30, and then down to 15. An alkaline AAA simply cannot handle a very high current load for very long -- shorter than what an AA can handle.
So now, your choice is between a fake 45 lumens that drops and drops, and a real 10-15 lumens that the AAA cell can maintain at that level for far longer. Again, I'd rather have the real thing than the fake number.
I wonder, honestly, what is the max current drain that an alkaline AAA can maintain as a flat curve for, say, 10 hours? Eyeballing the data sheet for the Duracell Coppertop AAA, it looks like it is a fair bit less than 100ma. That has dropped down to 1v in 10 hours, and 1v is not likely to be able to keep the light in its original regulation. 50ma is still around 1.3v after 10 hours, so that will probably not have lost much output.
Honestly, there was something brilliant about Peter Gransee's original Arc circuit: 10 hours at a bright output (around 5-10 lumens?), after which the circuit dropped down to another 10 hours at a low output (was it around 1 lumen?). For a single-mode light based on an AAA cell, that design is hard to beat.