Well, i made a test, right now ..... built on-the-fly a pwm driver, and took my labby heatsink, and 2 PHR from 2 sleds (same lot, so probably they are identical)
Putting both them in aixiz modules and driving the first one with 100 mA through the LM317 driver, hooked the second one to the PWM driver and an oscilloscope, and made some measures.
The PWM driver is powered at 12V, with the resistor in series to the LD at 27 ohm, that, considering 5V of FV of the LD, do 260mA of current (used a mosfet for the switch).
at 500 Hz, with 0,75mS on/1,25mS off, i get the same spots appearence (can't see the beam, no smoke here
) ..... then tried at 166 Hz, 33% duty cycle (2ms on/4ms off) and got the same spot appearence again (this mean, theorically, there's a little increase in visibility, cause i was with duty cycle 1 on 3, when for the same power, i have to go with duty cycle 1 on 2,6, with 100mA on the fixed one and 260mA on the pulsed one)
Anyway, the result is really subjective, and can change from person to person, and unfortunately i have no time for continue the tests at the moment, sorry (had to open the shop)
Maybe with some group of tests, made with different persons with the same circuit and diodes, we can have a better idea about how it work, and if someone notice it better than others, for different individual sensitivity (also to be considered that i made the tests only with PHR, maybe with red ones the results can give some diferent data)
If someone want to do that, i can draw a better circuit that anyone can duplicate, so all can use also the same circuits (as example, fixed values for frequencies, for have a sorta of "grid of values" that can be reproduced also from those that don't have instruments at home, and so on).