According to Amir's tests, it goes up to 1.5 V RMS at least before distortion rises on the 3.5 mm and probably double that on the 2.5 mm. This is based on maximum current being calculated from 33 Ohm power of 85 mW RMS: 1/33*(85/1000*33)^.5 = 0.05 A RMS, the impedance being measured as 30 Ohm and the fact that 2.5 mm power at 50 Ohm is four times 3.5 mm power.
Amir measures the sensitivity as 94 dB SPL corresponding to a 214 mV input. For the 3.5 mm, this gives a maximum peak SPL of
94 - 20*log10(214/1000) + 20*log10(30/33*(85/1000*33)^.5) + 10*log10(2) = 114.05 dB SPL.
For the 2.5 mm, this is 20*log10(2) = 6.02 dB higher, i.e. 120.07 dB SPL.
For the most dynamical recordings this may be limiting but for almost anything else, it is enough even if you subtract a couple dB for EQ. 1.5 V is 2.5 dB below 2 V so if your volume setting without using EQ does not exceed -2.5 dB, you will be fine. With EQ, the filters ring and thus even if only cutting, peak levels can be higher than without EQ.