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Tested: Novatac 120P on max, using a generic unprotected Chinese RCR123 cell. Battery detection procedure was performed according to the manual after the battery installation.
The plot looks a bit rough, however there was no visible flickering present whatsoever.
After 50 minutes, the brightness dropped to what I guess is the minimum .08 lumen level and stayed there. After taking out the battery, I measured its voltage as 3.15V - no overdischarge.
The fact that this flashlight allows the usage of li-ion cells without overdischarging, and at the same time doesn't leave the user in the dark without warning is simply awesome. Great engineering!