Yes, it is apples and oranges. But they produce the same result in the end. I installed a lighting system in a motorcycle for a guy last year using two 5V regs and running the LED's in parallel (close to 90, soon to be 150). The problem is, the system is so inefficient. It wastes around 35W of power in the regs, so I am changing those out and using a buck-boost. Unless its a low power project I will be using converters from now on.
If its something battery powered that REALLY needs more lifespan something like this is great. I am going to take a look at my model airplane transmitters now that you mention it evandude.
Thunderchild, If you take a look at Buck-Boost converters on DigiKey's website you will find one that will work. There are a lot of them so filter the results by what kind of current and voltage you will need. Then go online and get the spec sheet for that chip. You will need some caps and an inductor most likely. If you do not want to solder then you may have to buy a pre-made DC-DC power supply. There are quite a few of those out there.