Originally Posted by KE Spin
The motor doesn't really demand power, it accepts it from the ESC and the ESC is the limiting factor. Conversely, if one were to use an ESC that is too large, the motor could fry pretty quick (depending on how many amps are being supplied to the ESC by the battery) illustrating that the motor just takes what is supplied.
That's not correct.
The ESC can be thought of as a switch that is turning on and off very rapidly. The amount of power the motor sees is proportional to how long the switches are turned on vs how long they're turned off. This is called "duty cycle".
At full throttle, the switches are on almost all the time. If you ignore the brushless magic that the ESC also does, basically at full throttle, the ESC just connects the battery directly to the motor.
The power consumed by the motor is a function of it's impedance and the voltage applied. Nothing more, nothing less. (the impedance of the motor varies with the load on the motor (i.e prop)).