That's very close to what I measured as well, just a hair over 300mA.
Not only that, you have to factor in the fact that it's a boost converter and thus it's drawing more amperage. I measured it by unscrewing the tailcap and using the multimeter to fill that role, so it's measuring current drawn by the whole assembly and not just the LED. I suspect it's being driven at less than 300mA, probably 200-250 (the latter if you're an optimist). That is also probably the reason why it achieves >5hr runtimes - low current drain.
I showed both that and the KL1 (rated 15 lumens) to a friend the other day, who said "Are you sure? It looks like the Terralux is 15 and the KL1 is 25 to my eyes".. /ubbthreads/images/graemlins/grin.gif