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When unscrewed, there is zero contact. All twist lights are this way. You are breaking the connection. :thumbsup:
Peak lights use a little tab of QTC material to allow the variable output. The QTC is a perfect t insulator when uncompressed, but once you start to apply pressure by twisting the light it starts to allow current through. The current curve is roughly logarithmic so the actual output happens to appear linear to our eyes.
The downside is the material breaks down from use do to shear forces in the pill holder. However if you can get the pill apart it is replaceable.
The El Capitan and the Logan have better control over the output than the Eiger due to their larger diameters
Yes, the QTC material acts as a variable resistor. It has exceptional current handling capabilities and it is essentially in series with the battery and the LED/driver. There is no fancy microcontroller like a magnetic ring requires. If the circuit is open then there will be no drain.
Efficiency is good at max because resistance is near zero. Efficiency is okay at moonlight because there is no MCU overhead. Efficiency is so-so over the mid range.