It will be using less energy.
Not an electronics bod, but I think that the driver will be:
– restricting the current to the LED, so rather than e.g. 6v @ 750mA, it’ll be 6v @ 500mA. Power=volts*current so lower volts and/or current will result in less power consumed.
OR
– it’ll be a PWM signal, where the LED is effectively turned on and off very rapidly. High brightness might be 80% PWM signal (80% on, 20% off), whereas low brightness might be 50% PWM signal, so the LED is on for less time, but at the same brightness when it is on. The on/off occurs so rapidly, that you can’t perceive it.
EDIT – PWM stands for Pulse Width Modulation.
Wait for someone to tell me how wrong I am now…… 😀