Try imagine a 4 wheel drive with 4 different motors.
In series the weakest link goes down first, but the wihecle continues despite, at a slower pace.
In paralell the weakest link shorts the remaining 3 out.
Not really; either I'm seriously misunderstanding your analogy, or you've got it almost exactly backwards. You can parallel cells of
any capacities, they'll discharge at proportional rates to keep the voltage balanced. For series connections, you should monitor the voltage of each cell to ensure they don't overdischarge. The best way to accomplish this is with a multi-cell protection circuit, but you can obviously get by without it if you can be careful enough, as in a pack for testing purposes, on the bench where a voltmeter is always handy and you check the cells manually...
The risk of overdischarging one cell in a series pack without noticing the drop in overall voltage or (in unregulated lights) in light output goes up with the number of cells; there's no hard-and-fast rule, but my feeling is 2s is fine, 3s is pushing it, and 4s or more is dangerous. That's assuming unprotected LiCo cells, charged separately or balanced; protected cells let you get away with more (as each cell voltage is monitored then), series-charging without balancing is more dangerous (because they don't even
start at the same state), and safe chemistries will just ruin a cell with no fireworks...
Discharge rates: Assuming these to be typical LiCo cells, something like 1.5C or 2C, so 3A or 4A, would be the safe limit. This does vary for different cells, so you really would need to find the manufacturer's datasheet to know for sure. And for a series connection, the whole pack has the same capacity, so the same max discharge; for parallel, the pack has the sum of the capacities, so you sum the max discharge currents.
From your question it sounds like you mean direct-drive, which is highly dependent on components. With cells that size, you're probably more likely to fry the LEDs than the battery, but the safe way is to use some driver to ensure you use the current you want, and don't fry either of them. ;)