FET drivers have high initial output, heat and battery drain. Brightness drops steadily as the battery drains. Regulated lights put out a constant brightness until the battery voltage drops to about 3.7 volts on high and then usually steps down to a constant medium level until about 2.8 or 3 volts.
I am not an expert by any stretch but if it is a single cell light the answer is yes. If it were a 2 series cell light it would be a buck driver. Anyone please correct me if I am wrong.
Most importantly I added to the very beginning, "The flashlight images in this review are from Acebeam, and the images are being used with Acebeam's explicit permission."
My opinion on this light has not changed. Probably best design I have seen. The light is pure flood with no hot spot. You either love it or hate it. I would have liked a bit more hot spot but that’s just me.
It looks different but the design doesn’t look good w.r.t. the housing. Surely all those holes will fill up with dirt. Not sure how others use their lamps but mine are not kept in a dustless IC manufacturing facility. They get actual use in and around the house, on bike trips, etc., and any holes and edges will get filled/get a layer caked on the side, over time.