For safe operation of Li-ion batteries current should be below 2C or the current number should not be 2X above the capacity number.
14500 700 mAH > max safe current 1400 mA
10440 350 mAH > max safe current 700 mA
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The SSC-P4, XRE, XPE, XPG will run at ~1400 mA when direct driven.
With a 14500 you are at the maximum safe current allowed.
With a 10440 you are at double the maximum safe current allowed.
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The Liteflux circuit will keep the current at safe levels - 350 mA with AAA, 700 mA with 10440 but to your eyes only 1.4X as bright.
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With a Preon 1 the circuit shuts down and you enter the danger zone of the exploding battery. 350 mA with AAA, 1400 mA with 10440.
We have not heard of any Preon/10440 explosions because CPF members who run that combination know the danger and normally only use low and medium modes. High is reserved for emergencies and only used in short bursts.
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Normally a Preon 1 gets 70 lumens on high.
Here is some information on what a 10440 can achieve in a Preon:
280+ Lumens out of a Preon on a 10440.
http://www.candlepowerforums.com/vb/showthread.php?t=275778