I have the Incendio V3 and you have to remember that it's 370 lumens at the emitter...I'd put it, non-scientifically, somewhere in the 200's OTF. Nice light and it's very small, compact and lightweight. It's advertised to be brightest using an RCR123, but it does tend to get toasty when you use on high for any length of time. The beam is very floody and more neutral than cool.
The Jet III-M on the other hand is a 2x123 or 18650 light so it may be more apples and oranges to compare the two. The Jet III-M can probably run on high for much longer and still stay cool to the touch.
But you can just throw the Incendio in your pocket and forget about it, but the Jet III-M is more of a holster/duty belt light.
I wonder if you could even tell the difference between 370 and 355 lumens side by side?