Since I was a bit concerned about current consumption, I monitored it quite a while.
On startup it was around 60-70mA, very occasionally straying into the low hundreds for almost imperceptibly short periods of time, helped, I'm sure by the capacitor (I pulled all the stops and used a 100μF )
However once it settled into operation (after a minute or so, the current draw went down to around 30-40mA and stayed there. Hm, OK, I'm not complaining...
Later I flashed the same firmware onto an ESP-01, same program, same everything. This one would start off in the 110-120mA region (occasionally a bit higher - 150ish - for half a second or so) and when it settled down it was operating in the high 60mA to low 70mA. That's almost double of what the ESP-07 does!!
Is this a known behaviour, or have I done something screwy? (I don't care, so long as everything works fine)
Just curious.
Thanks to everyone for their help...