Terralux TLE-5: PWM or current regulation?

Quickbeam said:

The regulator circuit actually produces what is more accurately called "semi-regulated" output. Fully regulated output really is flat, unchanging output until the batteries become very depleted, at which point output drops rapidly. Semi-regulated output tends to provide good output that slowly diminishes until the batteries become very depleted, and then it drops rapidly to a very low level. Either way, at the end of the battery life the circuit usually continues to provide minimal light from the LED, giving the user enough light and time to find a new set of batteries. TerraLUX, as well as others, call this "Moon Mode".

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