That would mean 750ma for each branch of two dies since total current is said to be 1500mA. Some reason I don't think that is right as then I think the MC-E would be brighter than the SSC P7 as it would be over-driven and produce above 630lm. CREE places the max for each die at 700mA each in their spec sheet. Not saying you can't over-drive them. Also the voltage across the branches would have to be rather high, at 3.4V per die to produce 700mA which would mean you would need more than 6.8V across each pair of die to run both branches at 750mA as each die would have to drop over 3.4V.
Given the P7 is known to be brighter than the MC-E of the two lights and both are stated as being run at 1.5A and the P7 is only capable of running all 4 in series I'd say the MC-E isn't running 750mA in a 2S 2P configuration by my guess. I don't have one yet though so I can't look at it to figure it out...
Spec sheets are here:
P7 Seoul Semiconductor, Inc
Click on Spec near bottom
CREE MC-E:
http://www.cree.com/products/pdf/XLampMC-E.pdf
I was off on my P7 multiplier too I used 1.25 which was an estimate from the graph you can see on P6 of the spec sheet where it shows 'Forward Current vs. Normalized Relative Luminous Flux' ... the CREE spec sheet has a similar graph.
I guess it has 4 reeds to change modes probably just for a high/low sense to make other circuitry change the voltage placed across the LED. I'm sure could be done and would be fun to tinker with it, I'm planning on buying one so I'll probably play with it when I get one.
I'm sure you have a better grasp of the electronics than I do. I can tell you that my light seems to be brighter than my Light Cannon HID 10W. That is 450 lumens. This light is supposed to be 670 lumens but that is in the lab or best case bare emitter. I'm guessing it's somewhat above 500 lumens OTF.
In any case burn time is 2 hours on high. Any increase in brightness would reduce that and given how bright the light is already I'd rather keep the burn time over any further increase in brightness.
The light output by the way is very natural and much more pleasing that the Light Cannon's output. As far as signaling it's at least as tight a beam. It probably has a greater spill which I find useful for actually seeing more up close than with the LC.