Charlieplexing is similar to what I'm doing, and was my inspiration for this, but it's not the same thing.
But if you're lighting the LED's w/ a 50% duty cycle, they're on only half the time, so aren't you getting just half the brightness?
Or does the nonlinearity of the eye make it appear brighter than 50%?
Aren't you assuming that there is no drop across each LED ?
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via Egeo 16