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The forward voltage of the LED I used is 2.6V. So with two rechargable batteries it is only running on 2.4V. It is not running at the LED's full brightness, but as it is a 6000mcd LED it doesn't matter much. I use it all the time and it is bright enough for me. Yes ideally it probably should have some limiting resistor in it, just in case the batteries are a tad high in voltage when they come out of the charger. I couldn't fit one in easily, and I found it works fine without it so I didn't bother.
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