Thanks for the clarification Michael.
The - to me at least - huge benefit to CC is that it doesn't "flicker". I may be more sensitive to PVM than others, but it bothers me tremendously. Especially if there is any movement in the beam - in a diving situation that would mean me swimming and moving the light, fish swimming and even flotsam moving in the beam. PVM would have made the low power setting useless to me.
Henrik
I think it depends on the rate as to whether it is noticeable. I know that with some cheaper lights that sometimes there is a hum on the lower power settings although not on any lights that I have.