You are completely correct, David. But the voltage has to remain steady. I found a power supply for a sensitive electronic that provides 9v up to 1A and I use it for a 10w LED directly hooked up. If the voltage is too high, the current jumps up really fast. What started as a simple test (the 10w light above) has become a useful light. It is the only light in my house that I can read tiny numbers from tiny capacitors and other electronics.
Another thought is: Why not go for the cheapest option? Even if it burns up prematurely, if it cost you half or less, you can spend the difference on the next light 2+ years later. And by then there is new technology, so you get even more for your money. I've had great success so far with cheaper options and it's fun to experiment.
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