I can see that too much confusion is being had at this circuit. Let me try and clarify a couple of things as I see them:
First of all, the LM317T has a 3V drop across it. Meaning, if you feed it 6V you would see 3V on the other side. BluRay diodes need 4.5 volts, to get that much across you'd need 7.5V on the input side. Do you see how that works now?
Second, the LM317 IS NOT regulating voltage. That doesn't mean it is not capable of doing it, in fact it is very well capable of regulating the voltage, but it is here being used to regulate the CURRENT ONLY. I can design a new circuit that uses TWO LM317's and have one regulating the voltage and the other regulating the current. But then again this is something that is easy to figure out if you read the data sheet available at the link I provided earlier in my guide.
Third, the capacitor is charged to what the circuit is providing. The capacitor is being charged UP TO 3V and while it is connected to the LD, it is dissipating 3V. This is because the LM317 is BEFORE the capacitor, so it will only charge to what the LM317 is supplying. When there is a spike, all this does is take the first little jolt by charging up in a split second and not getting the full jolt from the battery spike to the LD immediately, as would be the case WITHOUT a capacitor. Therefore, and let me take it slowly here, LM317 is putting out a total voltage of (Battery - 3V), if the battery spikes up, the voltage is being dropped by 3V by the LM317, then the capacitor is a selfish SOB and will suck up all the current before it lets it pass to the LD. Once the capacitor is fully charged, then the LD starts seeing some current and starts lighting up.
LOL @ SOB.
Now, some of you might come up and tell me that after analyzing the data here, with a 6V supply and a 60V max jolt, the LM317 taking it down to 57V, the capacitor is not going to hold that much and the battery will pretty much fry everything. Ok, let me say this. The LM317 also limits the voltage to 37V, as far as I know. So, the rest of this jolt will be shut off, a max of 34-37V will pass through and the capacitor with a 35V rating would easily suck it up. Also note that the cap I am using is a 10V and it has not failed me yet, but I wouldn't put it past it that my last DVD-burner diode diode probably died because of the lower rating on the Cap. Again, this circuit was made to be as generic and as safe as possible, having your way with it here and there is something that is your own choice. LD's die, taking this whole thing to the next step does not guarantee the life of the LD. There is no such guarantee with LD's. They are just simply uber sensitive and we can't do anything about it!
We can try to line their beds with velvet and silk, but if someone so much as burps in the other room they might plop and die! No way around it... :-[
Fourth, the 1N4001 is being used for two reasons. One is to stop the diode from overkilling itself when you connect the battery the wrong way around by passing all the current through the 1N4001 and not through the LD. Second, when the battery is connected properly, there is a drop of 0.7V across the 1N4001. Therefore, 6V - 3V = 3V to the diode. With most cases I have tried this I got a little past 3V and closer to 3.5V to the LD. The diodes we are getting from the SenKat group buy, and that is what this circuit is designed for, and most other laser diodes even, require between 2.5 and 3V to lase. With a 0.7V drop off the 3-3.5V supply form the LM317, you have a margin of 2.3-2.8V going into the diode. Which is perfect! You can take it out if you want, again, this is a personal choice.
There are other regulators out there that are more suited for regulation and would probably be more efficient for such an application, but the LM317 is a great chip available from RS and is very easy to work with.
Gl all and please keep the questions coming to help me tailor this circuit more towards the needs of those who need it;
DDL