Punching the numbers into an LED calculator, a 700mah IMR comes out to 18 minutes on high when converter efficiency is at 95% (taking a guess there). Real world seems a lot less. I didn't run it until it fell out of regulation since I wasn't sure what the drop in would do if I did. Playing around last night with the different modes for a few minutes I pulled the once fresh cell and recorded 3.85v which I believe is 30% according to AW? BTW my reporting the short runtime is by no means a complaint on either the host or the drop in and was in fact expected. Just reporting my observations, this host and drop in combo far outshines any of my other torches. I have to say the color rendering of this particular LED is especially nice IMHO. Glad I picked it for the VanIsleDSM quad that's inbound. Wish I knew how to take a beam shot that would be a true representation of what the eye sees. Here's a sample of the color rendering on low.
Read the spec sheets wrong, should be more like:
100% (H) 15m
45% (M) 30m
10% (L) 2.5h