As Ian.M said, Vf of the LED drives the design, and to a place that might not be acceptable to you. To light the LED you must exceed it's Vf by the voltage dropped across R2. For example, say you want the LED on at 750mA:
V=IR
1.3V=0.750A x R2
R2 = 1.7\$\Omega\$
Now you can't get a 1.7\$\Omega\$ resistor and like Ian.M said you'll need some extra voltage headroom for R4, so you select a R2 to be 2
. And while you want the LED to be on for sure below 1A, 1A is what you typically draw. So the actual drop across R2 is:
V=1A x 2
V=2V.
Since those 2V of your 18V supply are going away in R2, your load is now only going to see 16V. Is this OK? Also R2 is going to be burning:
P=VI
P=2V * 1A
P=2W
Is it acceptable in your application to be burning away 2 watts of power?
If the answer to either question is "No", then this circuit won't work for you.