Question: How does the light stay within the 4.5v - 8.4v operating voltage even though it uses six 3v CR123s or six 4.2v RCR123s?
Yes, that is the only conclusion I can draw as well (i.e. 2s3p arrangement). The voltage range is thus specific for each of the 3 channels (i.e. for each pair of batteries).The batteries are in parallel, 3 stings of two batteries each.
Incidentally, I see there is some consternation floating around in other threads about support for RCR and not 18650. On this front, I would note the original specs for the S18 were for 6xCR123A only. The support for 6xRCR seems to have been a very recent change, likely to help meet the rechargeable concerns of members here. Again, I'm only guessing, but I suspect they weren't able to get the circuit to work <4.5V per channel. :shrug: