KartRacer31,
My E2 consistantly cuts out at about that voltage. Each battery that i have tested stops at around 2.7-2.8 volts. So 5.4V for both is about right with my observations.
I don't bother using the spent batteries from my E2 in any other light. I've used it once in my LSH-P and i couldn't get more than 30-35 minutes out of them before they drop into moon mode. It totally defeats the purpose of why i even bought the LSH-P, as a long burning EDC light.
I also hear that an Inova X5 using spent batteries doesn't have a very good runtime either.
As far as i know, flashlights that are not completely regulated, like the Arc LS, Surefire L4, and Streamlight LED lights, will still be able to use the spent batteries. However you will not be getting full brightness/Sun mode for very long. You will however have many more hours of decreasing light output. More light that your average 1-2 LED light.
I've observed that my Surefire L4, when out of regulation/sun mode, is a little more than half as bright as the Arc LS on fresh batteries. And after a couple of hours, is still as bright as my Princeton Tec Attitude (4LED) or Arc AAA (1 LED).