A truly optimsed driver that does current control would run longer than a PWM light (doing the same light output of course).
I think i read something about the PWM freq, higher freq/switching might need more power than lower freq.
Anyway I can do 500Hz (Xtar S1 = 486Hz, Ultrafire U80 = 450Hz, On The Road X5 = 475Hz). I can use 207Hz (DRY triple XM-L) but it irritates me a bit, but it is definitely usable and tolerable in long durations. Below that is a no-no. Some budgetlights like the Uniquefire UF-2100/iTP are in the kHz region, the UF-2100 is doing 5kHz and my Shadow JM05 and JM07 are in the 4.5kHz range. You literally cannot see the PWM even in the shower (you could if you tried hard enough, but won't notice it in real life usage).
Another way is to put the light's front with black T-shirt or anything black and put your ears in front of it, you will hear the PWM freq very clearly up to your ear's limit (say 17kHz).
You can also use a DMM to measure it using the Hz function.