Hi, I got my new E2DL ultra last week and tried with Sanyo (2100mah) and Efest (2200mah) 16650 batteries (charged 4.2v) in it. It works OK (but not good).
Most of times after the 1st click it strobe once and then have about 30-40% of the high output level (I think that's quite enough for normally daily use), click again it will be the low level. And after severl clicks (may be just one or two maybe many), it will have high level output (which is not as bright as use two cr123a, but still quite bright).
Then after 6 hours (quite long), the output still obviously brighter then the low output level (I don't know how many lums.)
So by conclusion, if you use the 16650 rechargeable battery (3.7/4.3v) in the E2DL ultra,
the good thing is: 1 You got three levels out put,
2 You got quite long run time.
but the bad thing is: 1 You don't know how many times you need to click to get the highest level, (normally I think the lower the voltage of the battery, the more times you may need to try. If it is 4.2v sometimes it comes at 1st click)
2 the highest level is not as bright as two cr123a.
Cheers:)