The LED flash is something like 5-10ms. It's actually dual flash TTL, so the first flash doesn't really plateau, but the second main flash does.
The LED itself is simply a trigger mechanism to get light through an underwater camera housing to the outside where it is picked up by fibre optic leads that go off to the underwater strobes that do the real lighting work. However, some underwater strobes have notoriously poor light sensitivity in their light receivers, so maximising light levels is important for the LED trigger.
It is possible that the current is high, but a few things lead me to think the current is not that high:
1. the trigger unit itself is very small - a lot of SMD-only circuitry only on the inside I believe and powered from a rechargeable lithium coin cell of some sort (hence the 4v power reading i'm getting on the LED). I'm by no means an expert in all of this, but that order of current seems to be outside the realms of what would reasonably be achievable by such a small package. You could probably design some kind of small circuit to do it, I just not think it's what's going on here.
2. The LED connector is a micro-JST and the two power leads to the LED are ~0.9mm OD on the insulation. I'd only be guessing what the copper area is, but it would be extremely small (28 guage was the order of size when you search online for 0.9mm OD cable). That order of current again sounds very high for such a small conductor. Yes, they only activate once every 1/2 second, but still, it doesn't feel right.
But, I think it's true that there may be a degree of over-drive going on. And also...
3. The only spec I have on the LED is that it's capable of 150 candella. Taking that back to lumens by assuming a typical 110 degree 50% beam spread, that's about 400 lumens. That kind of output is possible on an XP-L2 led being driven to about 1A.
That's kind-of where i'm at. I really would just like to verify my gut feel.