What if the regulator circuit is sufficiently shielded, and does not emit RFI (or not enough to be amplified over an AM radio).
My eagletac P100C2 (for example) is a circuit we all know to be ruler-flat regulated and it does not cause noise and RFI on my AM radios. I am listening to my local NFL game as I type this. I had to secure the AM loop antenna on the back of my receiver this morning... no RFI at all.
**edit**
Just checked with my ITP-A3... no RFI.
There will be those flashlights that are so well shielded that they won't emanate any significant RFI, so it's not a foolproof test. It's just something that you can do in 30 seconds without having to tear down the flashlight to look for a regulator board. Most of my lights radiate at least a little bit of RFI, and when I tune my handheld AM radio to an empty spot on the low end of the band, that causes the radio to open up it's RF AGC all the way so it runs at maximum sensitivity.
An AM radio will also pick up other unusual sources of "sounds." Try placing the radio next to a calculator, punch in a large number, press [square root] and listen. It will play a short musical tune.
**EDIT** BTW my Fenix P3D-CE makes a combination of a whine and a rushing sound in an AM radio. The pitch of the sound changes with the brightness setting.