[dyanoshak]

Like Ether said, the output is always a PWM. However you are correct about the differences between the modes.

Percent VBus drives the output at some percentage of the input voltage. This is the most straightforward of the the various modes.

Voltage mode AKA Voltage Compensation mode will try and output a set voltage regardless of the battery voltage. It accomplishes this by varying the output PWM based on what the measured voltage on the input voltage is. For example, if you're telling the Jaguar to output 5 volts, and the battery is at 12V, the output duty cycle of the Jaguar will be ~42%. If the battery droops to 7 volts, the Jaguar will adjust the output duty cycle to ~71% to maintain an average of 5V.

-David