I stuck a pair of mostly dead batteries from my Spy into the U2 and it strobed on level 5 and 6 (the highest levels) but not the lower levels. I guess this is a good feature. On the spy level 4,5, and 6 were all the same brightness. If you didn't notice they were all the same you might flip on the light and think the batteries were good. Of course on the spy you have to go through 4 and 5 to get to 6 so its kind of obvious.
I JUST finished the first set of cells in my U2, and it strobed on all levels except 1 and 2. That was with Surefire cells. I checked their open-circuit voltage and it was 2.90v, so I'll have to do some further load-testing of the cells to see if they're really dead or if there's a contact issue with my U2.