I've noticed that Fenix tend to use this term quite often re their torches, but do most LED torches have a digital circuitry board. I suppose if an LED is used than digital circuirty must be used.
Not really, the fenix lights used digital circuitry to control its levels.
U can just as well make an LED light with an old school potentiometer for infinitely variable brightness, and it will be so-called "analogue" circuitry
The most that CPF'ers buy, yes. The most available to general consumers? No. Most of the cheap LED lights on store shelves are resistored (hopefully) and direct drive lights.