According to Doug, a fellow cpfer (full review can be found at his excellent site) :
http://flashlightreviews2.home.att.net/reviews/inova_24-7.htm
Mode Battery life Output
Low White 15 hours 3 lux
High White 6 hours 46 lux
Strobe Functions up to 100 hours .
Red Light 80 hours 10 lux
Locator beacon 15,000 hours .
Another handy link that might be helpful to you with your question was done by Craig, another great cpfer:
http://ledlights.home.att.net/247.htm
I have a yellow 24/7 myself and am hunting down an OD Green version. I have yet to test it for runtime, however I am intrigued by this magnet business...
Regards,
Cam