Both are adjustable. That is correct.
There is a component change on the MM and the MM+ allowing the MM+ to deliver more power to the LED. More output power means shorter run times. There are run times posted for both and if you look at them the MM+ is the shorter of the two.
The Madmax series when run wide open are running in a fixed power mode. Not exactly, but close enough for this description.
This translates to variations from unit to unit since the LED Vf now plays into the equation of how much LED current the driver will deliver.
The formula Power = Volts * Current is the basic Power formula.
Assume Power is constant and 1W for this purpose.
If Volts is the Vf of the LED, you can see that as Vf goes up the Current would have to go down to keep the equation balanced and vice versa if the Vf goes down the Current would go up.
The Volts and current in this case would be the LED Voltage and the LED current.
A lower Vf LED on a Madmax would draw more current than a higher Vf on the same board.
Whereas the Badboy delivers constant current. Irregardless of Vf. The runtimes may look similar, but, they are different beasts all together.
I hope this helps.
Wayne