Thanks guys, so from what I'm hearing above, if I were looking for the most efficient light (assume 100 lms Max), it would be current regulated between 5 and 100 lumens, and then for any mode below 5 lumens, it would be current regulated to 5 lumens, and then PWM driven below that.
This does make sense, as I find my current regulated lights have their highest efficiency (in terms of lumen-hours) around the middle 2/3rds of their output range (~250 lms-hrs/Eneloop) and they start falling off hard on low lows (<100 lm-hrs/Eneloop @ sub-lumen) and high highs.
The Malkoff MDC AA is not using the CR-to-5%-then-PWM thing though - this light is pure PWM (aside from max) light - medium is PWM and Gene has mentioned he does not have the technology to do CR. But it does make sense that a pure PWM light like this could yield ~200 lm-hrs at both medium (~11 lms) and also still on its sub-lumen mode (with the only diff. being duty cycle).
Think I have reconciled this my mind now.... thanks, and I appreciate the input.