I can't say for sure because I'm not in the Blackhawk team, but trusting the quality of their brand and product, I'm sure they are not trying to mask heatsoak as a stepdown.
I've done runtime tests of smaller lights like the Jet-I using a 14500 and drawing 1.3A, even at that size, the entire aluminium light serves as a pretty good heatsink for the LED and runtime is well regulated.
http://www.candlepowerforums.com/vb/showthread.php?t=116817&highlight=jet-i
The drop of 10% over 20 good minutes after li-on regulation kicks in might be due to heatsoak or maybe driver related issues?
No reason why the Gladius with a bigger body would drop 15% due to heatsoak in 5 minutes UNLESS the heatsink is poorly connected to the body of the light. The head/body of the Gladius does get fairly warm after some time, and I measured a max of 45 deg celsius at the head with an infrared thermometer. I believe the light is sinking the heat well and its large enough to dissipate it pretty efficiently.
I don't think the Gladius step-down is due to such a drastic heatsoak.
For the 17670, since input voltage is lower, I'm not sure if the driver behaves exactly the same way, but apparently it has similar characteristics (2 stepdowns), but over a much longer period of time.
Anyway, the stepdown is not shocking at all; you probably wouldn't even notice it in normal use. Just like how a direct-drive light gets dimmer every second but you'd most probably only notice it when the light is at 65-70% juice.
Btw, Quickbeam's runtime
does show an immediate stepdown; maybe on rechargeables it is a little different? I don't know. But the data seems to more or less corroborate.