I recieved an XM-L U2 1A from KD (s:009989) now and tested it against low drive currents.
Yes, MikeAusC, you are right, the maximum lm/W is at about 5% of maximum rated current, for XM-L this is at 150 mA.
No, MikeAusC, you are not right, the maximum is relatively broad and the drop at the low side is not as dramatical as suspected:
Maximum is about 163 lm/W at 150 mA, but down at 5 mA it is still slightly above 100 lm/W.
[...]
You can download the results
here
For optimizing the overall performace of driver and LED, it would be the best to use analog dimming as long as the average drive current is above the point of maximum lm/W.
But it is better to switch to PWM in case the average drive current falls below this point. In this case, the current during the pulses should be about 100 to 200 mA for XM-L.