To get better idea of RCR-V3 behavior, I measured the voltage of the cell with 5 ohm load. But instead of two 14430 li-ion cells, I used only one 14500 cell. This is done because I wanted to see how the protection circuit works rather than the run time.
I have been thinking that the 3 legged chip between the pack- terminal and battery- is p-channel FET, but it looks like a 0.7V zener diode. The voltage drop by the part is almost constantly 0.7V throughout the time.
So this is how the RCR-V3 can claim the output to be 3V with 3.7V li-ion cell.
The low voltage protection circuit cuts off the output when the battery voltage hits below 2.5V. At the time, the pack output voltage can be any value between 1.5V and 1.8V depending on the load.
As you can see in the chart, once the output is cut off, the battery voltage recovers back, but the output will not be restored. Just removing the load will not restore the output connection, it requires at least small amount of charging current coming in from the charge- pin before the output is restored.
Theres is provably no over-charge protection circuit built in. I may be wrong with this statement since I can't recognize the 6 pin sot-23 chip.
To conclude, RCR-V3 get full charge of li-ion and delivers output 0.7V less. So it may be quite safe to use on the equipment or light which is designed for 3.0V battery source and yet it can take full charge of the li-ion unlike other protected cell which has to be charged to 3.7V only.
-- dj