Nice writeup! Thanks for taking the time as this is one I'm sure a lot of people are interested in, including me. Having a light that will run off 2 AA batteries is great since AA batteries are always available and I'm glad to see this kind of output on a Minimag. Usually people measure amps at the tail instead of volts. How much difference is there in focus? Maybe you could post a picture of it zoomed in and out?
The "Low" mode is almost as bright as the previous generation Mini Maglite LED (some of which were multimode) and way, way brighter than the old incans.