The battery times quoted on the website refer to regulated battery output (meaning you won't see a decline in light output for an hour using new batteries). On the new packaging it states 121 on high total. Backpackinglight.com did an independent test on the EOS and found that it lasted 216 on low (<1 lumen output). Princeton Tec hates to publish exaggerated battery output times, but I think they need to revamp their website based on their new findings. What you see on the web is their old data. It's also a matter of physics that when you have more batteries (3 vs 1) powering a similar LED (Rebel vs. Cree) using voltage regulation, you will get longer burn times.

The other thing I would caution against is published lumen outputs. There is no current standard. 66 lumens on a single AAA battery for 2hr 20min seems a little much. Princeton Tec does their best to publish outputs based on extensive testing and are as truthful as they can be. They are one of the companies really pushing for a standard ANSI test for lumen output in regards to personal lighting. They've said you should see one next year sometime. I guarantee anyone who compares the new Rebel EOS side by side with any other light at it's price point will come away impressed.