It's a 3 core cable with underwater unpluggable (3 prong) wet connectors. The board in the head is connected to all 3 wires, but the battery charger is only connected to two of the wires (charger mates to the wet connector, canister remains unopened). I'm pretty confident that the ability to control on/off/50% power is driven by the board in the canister.
There are actually 2 boards in the battery cannister, a protection circuit inside the shrinkwrapped battery cover, and another that is involved with the switching of the circuit. As designed, the head only works in conjunction with the supplied canister/board. If you decide to reconfigure the head with new led/driver/switch, the existing board in the canister will not be used/needed.
I think the previous owner of my light tried to extend the length of the cable from the charger, and failed to maintain positive to positive, negative to negative, resulting in fried components on the board in the can when he hooked it up to the charger. The lighthead is fine, but won't work without a functioning board in the can.
I can also supply pics if anyone is interested.