I bought an L2D just about a year ago now. When they were selling them with P4 binned emitters. That has the same head as the L1D and the P2D. I had it running for quite a while on AW's 16340's. That's after I bought a
P2D body and tail cap. Don't know about blowing it up with 4.2 volts, but you loose the lower levels using Li-Ion's. People say everything is Turbo mode but that's not quite true. With an RCR123A fresh off the charger, Turbo mode draws 735 ma. In primary mode, low, medium and high all use 431 ma. That's what they mean by loosing different modes. That's higher than high would be in primary mode off a 3 volt lithium, but not quite Turbo mode.
It's possible like mdocod said I just got lucky with my LED not frying. But here's an interesting fact. On another occasion I measured current in Turbo mode of a Li-Ion that only had about 3.8 volts in it. I didn't realize till later it was drawing slightly more than 750 ma. That's more current at a lower voltage. If it was 100% direct drive, you would expect just the opposite. There is some sort of regulation going on here.
I also used AW's LiFePO4's in this light for a while. Medium and high work in primary mode like normal but low is the same as medium. I used that as my battery indicator. Whenever I had low mode, I knew the battery was almost dead. There's no danger of an LiFePO4 venting with flames. But there is a danger of killing the battery since it has no protection circuit.
Using 2 NiMH batts in the L2D Tube, Turbo mode draws 1,409 Ma. Again using 2xNiMH in Primary mode, low draws 52 ma, medium 203 ma and high is 526 ma. I didn't measure the voltage of these batteries, but if you assume 2.4 volts is 3.38 watts. About 10% more power than the Li-Ion uses.
BTW, that 14500 Lithium battery in the first post, it's not rechargeable. Maybe that was obvious to everybody, but since no one else mentioned it...