I didn't notice it until I read something here about it. I can notice it only when shining the light on the wall and shaking the light when it is on the low or medium setting.
I just got my light yesterday.
I have yet bought the M20s and was waiting for the M2X to come out. If it exhibits the PWM like the drop in module I might get the Jetbeam PC25 as it appears to be current controlled
The stock warrior M20s has the R5 and the PWM is noticeable. I was hoping that if I bought the XML upgrade module the PWM flicker would be cured. Has anyone found out if it would be worth purchasing the XML module and changing it over ?