I have tested UT03 with a few setups:
- Protected Panasonic NCR18650B (translucent insulator) 18650 - 69.8mm
- Protected Panasonic NCR18650B (black insulator) 18650 - 68.7mm
- IMALENT 2600mAh protected 18650 - 68.4mm
- Sanyo NCR18650GA unprotected 18650 - 65.2mm
- Samsung 30Q unprotected 18650 - 64.9mm
From my observation, protected Panasonic NCR18650B (1) is able to make much better contact among all the tested batteries. Tailcap can be tighten without extra effort.
17.4V is already beyond the recommended working voltage but i will find out for you. All output level related questions will be answered once production grade sample is ready.
Current UT03 does accept both protected and unprotected 18650s. However, the connection is far from perfect for unprotected 18650.
I can't deny that there is possibility. These guys are getting much better now. Delivering a substandard light will only hurt their branding in the flashlight trade. I do have fate in them after UT01 and UT02 success.