I've done a Max output test on Rayovac made-in-the-USA batteries (manufacture date code April 18, 2011), to compare to my standard Titanium Innovation cells (no date code, but were purchased within the last two months, same as the Rayovacs). The Rayovacs are believed to be the same batteries as other USA-brands such as battery station, energizer, etc (and maybe even panasonic/surefire).
Although this is a n=1 experiment, it is interesting to note the Rayovacs dropped out of regulation faster, but provided more light overall during the exhaustion phase of the cells. I have noticed this pattern before, relative to the Titanium cells (i.e. they seem hold regulation well, but deplete more quickly once nearly out of juice).
When turboBB and I compared his M3LT with my M6, I noticed that the beam from his M3LT actually spread out quite a bit when distance was increased. Basically you got plenty of useful spill that, ironically, was all hotspot that simply spread open over distance.
That's a good description, and you can see it in my 100-yard beamshot. The hotspot keeps wideing into the distance, in an even fashion. This is something you don't see on reflectored lights.
"30 lumens (stage 6) has a very noticeable PWM-like effect Flashing and buzzing is obvious?
It is not so much "flashing" as a slightly stroboscopic effect, especially noticeable in the periphery of your vision. Many people tend to associate it with moving objects, but it doesn't need to be - the rapid saccades of your eye (even when viewing static scenes) can be enough to triger the perception in those who are sensitive to it. Sensitivity to PWM is highly variable - those who are not sensitive to it will not notice it all on the UB3T, those who are (myself included) will likely only notice it on the 30 lumen level.
There is absolutely no buzzing on my UB3T, at any level. It is something of a common misconception here that buzzing is associated with PWM. Buzzing is believed to be a symptom of inductor whine, and it can occur on current-controlled lights as well (i.e. it has more to do with the exact layout of the circuit and interference being picked up by the inductor). I think the association comes from the fact that it is more common on inexpensive lights where the circuit design was not given enough attention, which also happen to commonly be PWM-based. But in my experience, it does not in any way correlate with the presence of PWM, or its frequency. When present, it seems to be associated most closely with specific drive currents or voltages on susceptible circuits (i.e. you hear it louder on some levels or some battery sources).