Well, it depends upon what the specification actually says, and what it actually means. If it's talking about one and the same light, which can tolerate a current of 700 mA (in which case power is 18 W), but that if one reduces the current to 350 mA, the power then reduces to 9.5 W, then fair enough. As you say, it could have indicated what the power would be at any current below 700 mA.That's what the light(s) is/are. As rocky said, that's what they get supplied with those Osram 700mA drivers, but I imagine they would work with a 350mA driver, or anything in between.However, what is the "9.5 W at 350 mA" all about.
However, if, in the case I questioned, it was talking about a light for which the 'normal' operating current was 350 mA (9.5 W), then connecting it to the (then) pictured 700 mA constant-current source could well result in 18 W being dissipated for a very brief period of time, followed by a puff of smoke.
Kind Regards, John