I sent an e-mail to their customer service department asking this same question. The reply that I got was that the Mini AA does not have the ability to dissipate enough heat in order to allow a 3V battery to be used. This was one of the things sacrificed in order to make the light smaller. So my very unprofessional, and very inexperienced opinion would be that yes, you can use a 14500 cell in the light, but on the higher settings the use must be limited in order to prevent excessive heat build up. Otherwise you can destroy the lamp assembly and maybe even the power cell. For me, while most of my use is for only a few minutes, there are several times where I want to be able to use the light on a high setting for an extended period of time. I thought about getting a Mini AA, but I decided to get the regular Quark AA instead. I figured that saving an extra 0.7" on the length wasn't worth loosing possible light output, or possibly having the light fail when I really need it. We hit a deer and totaled our car on Easter, and I didn't yet have my Quark. It was the wife's car, and I had a 6V Pelican incandescent light in her car. I tried using the light to survey the damage to the car, and possibly find the deer (so that I could vent a little frustration with my 45), but I was disappointed in the light that it put out. I have a Streamlight TL-3 in the truck, and a TL-2 and a Scorpion at the house, and I don't think the Pelican put out near as much light. With that experience fresh in my mind, I was willing to spend a few more $$ and have a slightly larger light that was going to do what I wanted it to when I needed it.
Just my 2 bits,
Mark