I think mine is closer to 1.5A too when the cells are fully charged, but the regulation keeps the output current to the LED the same throughout the discharge, so wattage should be similar to the 1.8A at 3.8v.
It was a really good buy for me, I got it at around $45 shipped from dinodirect when they did some crazy offers around Christmas 2011. Mine is the OP version, less throw but a perfectly clean beam. I’ve been very happy with it, fit and finish is about top notch too.
I got mine at the same time! Bargain! I have not seen what an OP reflector looks like but the SMO has a very smooth beam also but a nice hot spot. And you are right about the fit and finish it is superb and it’s my favourite torch.
Marc.
The TR-J12 is really that powerful ? 
wow, its the brightest one in your list here.
Apparently, it has about the same wattage as the DRY on Turbo but spread between 5 XM-Ls instead of 3 increases efficiency. I am running ‘eX-cell 3100’ (Keeppower NCR18650a) in the TR-J12, but only old Panasonic 2200mah laptop pulls in the DRY atm, which limits current. I think I could probably get an extra 400 OTF out of the DRY with fully charged NCRs or Xtar 2600s…
Nice work. Did you measure these or are these mfg specs. I couldn’t quite be sure. I own a couple on the list but can’t remember exactly what they were supposed to rated at???
I measured these, that’s what I was talking about at the top with the photometer 