I had a buddy over yesterday with a nice Fluke DMM. We pretty thoroughly tested current draw on all modes, and also tested for any signs of duty cycle in the power draw. Power draw in all modes on the Wizard Pro V2's was very clean, with no meaningful levels of frequency/duty-cycle.
We also tested results with that true RMS meter against my typical "$30" DMM. Since the power draw is so clean, there was basically no meaningful difference in measurements between the fancy fluke and the basic DMM when measuring the Wizard Pro V2.
The "clean" power draw, is actually a beneficial thing, as it means that cell resistance and contact resistant from the cell to the driver has the lowest possible influence on system losses. Any "output" PWM on this light, if there is any, is not detectable or noticeable by eye.
-------
Perhaps the most interesting thing, is that, based on the power draw measured in each modes, the actual lumen values for some modes may not be as expected:
http://www.candlepowerforums.com/vb...-flashlights&p=4650192&viewfull=1#post4650192
The least desirable variation from specification IMO, is the wider gap between FF3 and MM1 than claimed.
On the other hand, many of the modes are actually going to have better runtime than claimed, at slightly lower output, so that's not necessarily a bad thing.