Near as I can tell, you're not wrong anywhere, you're just telling me things I've known for a while. And it can matter how long, because PHR at 100mA will last noticeably longer than a PHR at 150mA, although I've obtained reasonable life from 150mA on my PHR diodes. It only doesn't matter how long if the diode itself can't handle the amount of current at all. Like trying to run a PHR at 500mA: if it even shines at all before dying, it will not last more than probably a fraction of a second. In which case one second or 10 seconds doesn't matter. Think about it like this: I can walk for hours, or jog for a little while and then be SUPER tired, because I exerted myself. The faster I try to run, the less time it's OK for me to do that. If I sprint for only, say, 30 feet, then it's no big deal. But if I try to sprint for a full 100 meters, then I'm going to be really out of breath at the end there. If I was tied to the back of a truck, and it accelerated all the way up to 50mph, I just plain couldn't run that fast. So time is completely relevant, when the current is limited enough that the diode itself can handle it. Also, if you ask any veteran on here, they'll tell you that the duty cycle is a very important consideration when running LDs at high currents.
Also, I have discovered a *slight* advantage to not using a FlexDrive: as the battery power drops, the diode stays a nice bright red, even when the current gets pretty low. I had a BRIGHT red laser pointer, even below 3.2V on a 3.7V lithium cell.