I couldn't understand this at first because the CP2102 has an internal 3.3V regulator and the output signals are referenced to this.
I then found this discussion on silabs forum http://community.silabs.com/t5/Interfac ... m-p/194104 where it seems quite a lot of modules (including the 2 I had) are badly wired up. The CP2102 RST signal is incorrectly wired to the USB 5V supply effectively bypassing the internal regulator and running the CP2102 chip itself out of spec.
No direct harm seems to be done by this and the higher TX voltage does not seem to cause the ESP8266 any problem.
Nevertheless I have corrected my development interfaces by cutting the track to the RST pin on the CP2102 module.