Peak still makes the 1AAA 3LED. I have the older ultra power version and it's noticably brighter than the old Arc, though maybe the beam is a little bit more directional. It's a very usable light. I like the snow-colored LED. The battery efficiency is a little worse than Arc's both in the snow LED and in the electronic circuit. After several hours the Arc is still going strong while the Peak is somewhat dimmer. But the Peak keeps going, putting out dim but useful light, for a long time after the Arc has gone completely dead.

Both these lights use little enough power that I see this as mostly a theoretical issue anyway. But if you use L92 lithium AAA cells, you do get quite a bit flatter discharge curve in both the Arc and the Peak.

http://peakledsolutions.com/aaa_3LED.html