Just an FYI, I tried a 14500 in my E12 v2 and it didn't go poof but it also didn't get crazy bright.
The current draw on a 1.2V NiMH was 1.50A and on a 3.9V Li rechargeable was 0.48A. So, it would appear there is some constant current regulation circuitry involved. I don't have a light meter but actually all three levels were relatively similar in power draw and output light levels. Further testimony of what appears to be a well-regulated driver.
Since there isn't any appreciable bump in lumen out-the-front, I will probably stick with NiMH to be safe. I can't vouch for long-term viability but it's good to know I don't have to worry about accidentally sticking a 14500 in the light and frying the thing.
(Also, sticking with AA is a good ideal from a warranty perspective.)