I dont know where he is getting his figures from, but He seems to be using a 6.25% duty cycle, so maybe is is using a calculation based on duty cycle and the parts forward voltage rating. Lets say your LED is fully lit with 20ma at 3.5, and you are giving it 5V, at 5v lets say you are using 100ma, but with a duty cycle of 6.25 % its using 6.25ma.
Those numbers are made up just to try to make sense of what he is probably doing, Its not too clear from his documentation.
I can tell you that I have run LEDs without resistors, and right now I have a couple sets of 192 LEDs running with out a single resistor, and they have been running for months now without issue. The really crazy thing is that no matter how angry mike gets, my LEDs still shine brightly.
Heres 192 LEDs, 0 resistors, 1 arduino, 1 4-pack AA batteries (6v).
