Question about tailcap readings on my MG lite x-thrower.

According to Shiningbeam's website, the x-thrower has a "Regulated circuit" and on high is at 2800mA.

I decided to take a tailcap amperage reading and on high, with an 18650, it's only drawing 1.7A!

If i put in 2xCR123a's then it draws 2.65A... are these readings normal? I confirmed the 18650 readings on my Ultrafire blue 18650 and my AW2600 18650. Just to further rule out problems with the batteries, i put it in my Aurora AK-p7-5 2mode and got 2.3A at the tail.(pretty sure the Aurora is DD on high)

Is there something wrong with my light, or is it just the way the driver was designed?

Most likely these have 7135's or similar driver inside that regulate to 2.8A. However, because they don't boost voltage, they will not hit 2.8 if V of battery under laod is inadequate to driving to that target. The Vf of your P7 is either lower, or no/less losses for DD.