I'm confused with voltage/current in my first LED array

Im about to take Fixxxers "work" further, by using components in the link he provided here http://www.onsemi.com/pub/Collateral/AND8109-D.PDF

I'm particularly fond of the MPS2222 or PN2222 usage in the above second circuit. Now, a year has passed and new transistors have hit the market. I was thinking of the LM2931 voltage regulator which Hgmjr suggested. A short google search yields LM2940CT 5, 12 or 15V. My question is, are there better CHEAP low drop voltage regulators out there?

Thanks in advance