Hmmmmm....not anymore! My first light in standby would blink 1+ full long second then off about 2, and while running the blue light would stay on. The new one I just received does NOT do that anymore. It blinks very quick less then 1/2 second, then off about 2 (in standby), then while running the blue light is now off. I like the new less obnoxious version better. I just received this 2nd light today from Illumination Supply so they have changed it. I'd imagine the parasitic loss has been cut in half or better as well.
Edit..Also I found a nice Olight 34MM flat cap diffuser that works well. I had to shim the diffuser cap slightly with black Gorilla tape to make more snug (cap not light) but after doing that and cutting the silly lanyard ring off with a razor knife it works awesome for $6.00.
http://www.batteryjunction.com/olight-m20-diffuser.html