I think this article would be interesting: A matter of light, Part 2 - Buck whenever possible

Edit: Here are the other parts of the series:

  1. A matter of light, Part 1 - The ABC’s of LEDs
  2. A matter of light, Part 3 - When to boost and buck-boost
  3. A matter of light, Part 4 - PWM dimming

Some of the talk is specific to AC current, but I think most of it is still applicable to flashlights.