I understand, but that's just me, any reason to flap my gums
What I really want to know is how efficient PWM like this is vs an adjustable switched regulator, end-to-end. Although as stated above, the reg would adjust itself keeping a constant voltage over the battery curve.
Damn near as efficient as a straight wire. You get some loss from the FET, but a good one can keep that under a half percent. There's also some reactive power losses due to parasitic impedance. The higher the frequency, the more you get, but it should be negligible as well. I'd be surprised if it's anywhere near a percent. There's some power used just to drive the electronics. However, smart design should also make that negligible.
Regulators that energize an inductor are not as efficient as straight PWM. I haven't actually measured any of the POL ones, but they claim as high as 96% and that varies depending on load. With the one I'm running, I get 98% at battery voltage with a 3Ω load when the controller is idle. At high loads ~20W, it drops down as low as 92%. Works out to about 95% on average.