Do you mean regulation via adjustable PWM duty cycle? It's been discussed before, while this does vary apparent power, it doesn't do a darn thing for safety since the peak power would still be the maximum
That depends on how much power is in a single pulse.
Obviously, a 1W laser that has a 0.5% duty cycle averages out to 5mW actual power. However, if it's running at 5 millihertz, the "on" pulses are one second long, at 1W more than enough to damage the eye.
So at lower frequencies, this is correct, and if it's all you guys are saying, than I concur. However, at sufficiently high frequencies, PWM beams become physically indistinguishable from the equivalent-power CW beam. The question I originally had, was whether sufficiently high frequencies to get the energy content of each pulse below the danger threshold were practical.
So, let me work this out for a 1W beam. Basic assumptions are as follows:
The blink reflex, say is 1/10 of a second, 100ms. 5mW is the maximum power that will fit a 100ms pulse without damage, per the CDRH standard. So, a 50mW pulse maxes out at 10ms, 500mW at 1ms, and 1W at 500 microseconds for the same amount of energy (and accordingly, the amount of "work" -- including that which we regard as "damage" -- that it does.)
If the longest "safe" pulse of a 1W beam is 500 microseconds with the 0.5% duty cycle required to get it down to a 5mW average, the resulting lowest safe PWM frequency is 10Hz -- one pulse per eyeblink, essentially.
That's flickery as hell, so the next step is to increase the frequency. At 1KHz (to pick an arbitrary frequency where ordinary hand motion won't produce an easily appreciable string of dots) the minimum frequency, the "off" time is ~5ms long and the "on" pulse is now 5 microseconds long -- that's the maximum CDRH energy dose of 500 microseconds sliced up into 100 more pieces.
So the question then, is whether doing 5 microsecond pulses for a 1W emitter is practical at the hobbyist level. If it isn't -- and from reading posts here, I think that may indeed be the case -- then the safety claim is true for all likely frequency parameters we have available to us.
EDIT: it appears that the answer to my last supposition is indeed "yes". While researching for drivers for 1W+ builds, I ran across this thread by Xer0 with the same question, and even the same calculation I used (down to the same numbers) and some good info from LSRFAQ:
http://laserpointerforums.com/f65/safe-pulse-energy-53164.html