I was just reading some information from Panasonic. They recommend a low voltage cut off at 3.0 volts. They go on to say that if you are trying to charge a cell that has a voltage of 2.9 volts or less, you should initiate the charge at a 0.1C rate.
From this I would suggest a low voltage cut off in your circuit of 3.0 volts under load, and if your resting voltage is under 3.0 volts, you should adjust your charge rate to 0.1C and expect a loss in capacity or cycle life.
I use 3.5 volts (open circuit resting) as my cut off. Under moderate loads of 1 - 2 amps, there is not much left when the voltage drops below this. This changes with light loads of 1 - 500 mA. There is some useful energy left, and the voltage will not rebound as much when you remove the load.
My view of the protection circuits in protected cells is that they are a last safety if everything else fails. Li-Ion cells maintain better performance with less than a 100% discharge, so why run the cell all the way down in normal use. If your light accidently comes on and you are not around, it is nice to have the battery shut it off, but I don't think this is the best thing to do every time.
Larry is the only one I know of that regularly claims to drain Li-Ion cells to 2.0 volts under light loads without problems. If I ever get my testing schedule cleared out, this may be something to look into.
Tom