I have a RoughStack that uses the 18350 900mah batteries. The Batts come off the charger at 4.20 volts and thats when I get optimum performance.
After 4-5 hours of use, performance begins to decline somewhat. I have measured the voltage at that point, and it's usually around 3.80 volts.
By the time the battery gets to 3.7 volts, (6-7 hours) performance is very poor.
Admittedly, TrustFire is not the best performing brand, but I haven't been able to find protected 18350's made by AW or Readilast.