Just received my L1T V2.0 from Fenix-Store and I love it. Seen some conflicting reports. Is the 4.2 off the charger of the 14500 protected too much for the circuitry or is it ok? Second, are we looking at direct drive unregulated output with the 14500 or is it pretty flat?
I've been using my L1TV2.0 RB80 (probably RB90) with an AW 14500, and later with an AW RCR123a and a P2D body, for about half a year. This is, though, outside specifications, so you do this on your own risk.
Low isn't really low until voltage drops to about 3 volts, where the cell is almost depleted, so this is a turbo/high mode flashlight only.
While current stay over 3V it is unregulated, and when voltage drops it will be regulated, so it will stay bright until your cell is depleted.