[megous]

You can run any current through the LED. (well, up to a point :D) It's one way to regulate the brightness. I'm not sure what "modeled as constant current" really means when talking about a passive device.

If anything I simplify leds as maintaining a "constant voltage", no matter the current I send through them (in the right direction). Just like other diodes.

> it's easier to regulate the I component of P=I*V for consistency than it is the V portion.

I understand, and we're on the same page. But it doesn't change the fact that almost no led strips do this. You can iron out over individual LED differences by putting 3-4 in the series, and regulate the current using a resistor.

In fact, most of the LED indicators you'll see are driven like this. LED + resistor [+ optionally PWM or multiplexing].

Only for power LEDs you'll usually see anything more complicated invlving DC/DC CC switching power supplies.