have made very good points about 3*AA format, and maybe that is a better way to go.
I was only going with 2 x AA because I thought there was potential to operate on 2 x 14500 as well, but it sounds like the voltage range is not feasible. Now I'm all for 3 or 4 x AA. How about a AA fatty? For me it's not just about compact size, but also convenience. The AA battery is just soooo convenient. I'm trying to think like the average joe flashlight user. I don't need, nor do I want, all my flashlights to be the flashaholic, lithium-ion type.
You see, these kind of threads are great for hashing out real world flashlight concepts. Instead of just tossing around ideas here and there, we're focusing them under a topic that is designed to encourage manufacturers/vendors to make them a reality. 
That Lupine is just about what I was envisioning, except it would look like zebralight (of course). :)
From my POV (and I know people here disagree), the photos show something that's still way too wide for EDC. Yes it may fit in a pocket but not really much better then a 2xAA lengthwise (although both are a bit too large if I plan to do it regularly) and I'm not sure the form factor is more comfortable in the hand either. Frankly I see even less need if it's parallel or independent circuits. It needs to be brighter then 1xAA otherwise it's pointless, just have 2 flashlights or 1 flashlight and a spare battery, that way you don't get a needlessly wide flashlight and with the 2 flashlight scenario you get significantly more versatility in usage (plus increased redundancy).
I agree more multiple AA lights is good either way. It does seem to be an area poorly served by budget manufacturers yet would seem to be of interest to many non flashaholics as you say. Even 2xAA lengthwise isn't that well served although you can often use any AA & li-ion compatible 1xAA with an extension tube and some of the name brands are getting close to budget. 2xAA side by side lacks anything budgetwise and is obviously of interest to some and I don't want to discourage them. It's just not really that interesting to me, and 3 or more AA is more interesting but it also seems to be an area without anything good budget wise particularly after the death of C88 which stock wasn't great anyway. Very well made perhaps, but by 2011 the LED was too crap to do it service.
Now how about an underline for that...
Exactly my thoughts of 2 x AA. Not long, not stubby, a trouser pocket light, not a big headed thing.
I think i had something like this as a kid. Side by side AA, even the reflector was rectangular.
Yep that’s probably it 
If it has to be molded .....Question is what's wrong with plastic ? Just make it like a Glock
Not molded .... machined... unless you know a cheap way to mold aluminium or stainless steel in small quantities. It has to be brighter than a SC51... otherwise there would be no point in making such a light... how would you cool a 200 Lumen light without the use of metals?
2 x 14500 size 
The most popular 2xAA side-by-sides were xenon lights made by Undewater Kinetics. They're now hard to find.
15001 (yellow):
15002 (black):
15003 (orange):
I would buy one of those.
Would we be able to get a well built one at a "budget" price? I would think under $40 is a reasonable price point for this multi-AA concept.
What is this? Exiting product?
nope, it's a highly sophisticated rendering from ezarc... I heard several CAD programs, photoshop and lightroom were involved ;-)
It looks like the head of a Klarus XT20 scaled down and put on a 2XAA body. I think this would be great. It would fit into the pocket like a zippo. I would pay for that.