Some things I learned prior to posting my question here.
The boxed sets containing 2 lanterns and spare parts can be german made petromax model 821 B OR Geniol brand. I don't know anything about the Geniol lanterns. The Swiss 821 B has a 500cp fount (tank) with the rest being made of 250cp parts. So it's a smaller light output on a larger tank for extended run times.
They were designed to run on gasoline, not kerosene and are not multi-fuel lanterns. There are some documented cases of the lanterns leaking gasoline while lit and sending up balls of flame. The German army had a similar vintage petromax model 829 B (B is the benzene designation) that they re-fitted to burn kerosene due to this issue. This link elaborates.
Petromax Myth ??
I was skeptical that the Swiss would equip themselves with such a faulty design, and while I concede that under certain circumstanced the 821 B may burn your tent down I think it unlikely if the lantern is fully functional. I was hoping to get a testimonial from some mudders but didn't so I decided to go forward.
I got one of mine running last night. The night before I pumped it up to 1 atm and when I returned 24 hours later it just a hair less, hard to notice the loss of pressure. The petromax has a pressure gauge on the fuel cap. So this lantern was not leaking.
Then I cycled the fuel valve to check for positive closure. The fuel valve is off when the pointer on the knob is at 6:00. In the closed position a needle protrudes just barely out the top of the generator, you can feel it with your finger. This needle cleans the orifice each time the valve is cycled. Several of these were included in the box as spares and I've read that it is easy to break them. At 12:00 the valve is open and gas will squirt out if there is pressure.
I installed one of the included petromax mantles. These have ties at each end but one end is already tied in a very small circle. I suspected this end is for the ceramic bottom part of the mantle tube so I worked it over the ceramic to about 2/3 down. Then I tied the other end to the gas burner looking thing like a normal coleman mantle.
There is a small open resovoir thing with a little chimney poking up. I concluded this was the alcohol pre-heating system so I filled it 2/3 with rubbing alcohol. There are a couple small bolltle with spouts that are used for this.
I put a few more pumps into the tank, but still showing just over 1 atm. With a fire extinguisher nearby it was time for lift off.
I lit the alcohol with a bbq lighter and within a minute a small jet of flame was spouting out the small chimney. It burned the mantle perfectly and after a couple minutes of preheating I opened the fule valve.
Two days later I woke up in the intensive care unit. Just kidding! The lantern lit with no drama and performed as designed. No noticeable fumes at all.
Observations: The fuel valve will shut the flame off but it can take a couple minutes.
The light output is about the same as a dual mantle coleman, but makes much less noise.
The lantern is more complicated than a coleman, takes several minutes to light (after taking time in the garage to make sure there are no leaks) and is not noticeably brighter than a coleman. And I will never take one into a tent.
Now remember, this is a 250 candle power model. The new ones are 500 cp and run on kerosene. I think they have been made in Hong Kong for several decades and even though they are Chinese I think they are very high quality, held to very high standards. And are surely much safer than these old surplus gasoline lanterns.
Conclusion: Light output is nothing special, but the 500cp lanterns are supposed to really be impressive.
Ease of use: NOT! Complex compared to currently produced lanterns.
Burn time: Don't know yet, but will test that in the futrure.
Cool Factor: Way up there! The milsurp boxed set has spare parts, compartments for it all, mine had two boxes of Swiss candles (to provide light during the long set up time I'm thinking!) and many boxes of some vintagee Swiss wooden matches. The lanterns are impressive. My daughter who has camped with lanterns her entire 26 years remarked "wow, that's a cool lantern". She is normally unimpressed with things like that.
So if you like cool old milsurp stuff they are worth it. If you just want a very good lantern get a newer one. they are impressive as well, especially the lighting sequence which you can see on youtube. Just enter Petromax and they come up.