Test / Review: Panasonic NCR 3100mAh

Only after voltage at battery drops below Vf of LED, while it’s same or higher than Vf, brightness is regulated.

Nope. Check this graph:

Most two-cell lights are in 1A to 2A range and work from 5.5V (and up), so you're getting 2.8 - 3 Ah from those cells.