Ok, finally got my King Kong INR26650 charged up and tested the light (only in a well lit office so far). Wow! Huge flood when zoomed out, and bright! Low doesn't look much different than Medium, but I can't say much about that until I see it in the dark.
Tailcap currents (measured with my low resistance modified test leads which yield 3A+ on my KDC8):
King Kong INR26650:
High - 4.16A (up to 4.55A if I press down hard to compress the +battery spring on the driver)
Med - 2.10A
Low - 1.06A
With 3 fresh new Duracell Alkalines:
High - 2.0A
Med - 1.08A
Low - 0.56A
My only AAA NiMh cells were not charged up to test at this time (my single channel NiMh charger is out on loan right now). Hmm . . . seems to be direct drive on high. Seems to be a 100% - 50% - 25% mode spacing. 4A is a bit too high, but I bet I would see a little lower result with a protected 18650 (I don't have any on me to test at the moment). I would say benckie needs to quit using his cheap DMM and find his Fluke! He's going to be leading people astray! (benckie, feel free to update your O.P. with my measurements if you want.)
benckie, did yours have thermal grease under the LED? From your photos it looks like it didn't (or at least not much). I haven't disassembled mine yet, but I'm thinking I'll need to add thermal grease under the LED and at the pill threads.
Now I just have to find a PVC sleeve which adapts the 18650 and 3AAA carrier for a better fit. Perhaps I should ask around for where to get a better sized 18650 to 26650 adaptor. My King Kong 26650 fits well, not too loose. The 3AAA carrier seems to be better than expected; the plastic is more solid than other ones I've seen.
-Garry