Fully charged 4s (nominal 14.8v) will be 16.8v but that shouldn't be a problem. They will also loose some of that quite quickly as the voltage curve of li-po's drops quite quickly at the top and bottom ends of the scale. There will also be a slight drop through the electronics of the ESC.
The only thing to watch is the motor temperature - if the prop size/pitch creates a heavy load and you run flat out they will tend to get warm. The motors are about 65% efficient, so about 1/3 of the power they use will be heating them up.
If you do try 4S, check temperatures regularly until you're happy that nothing's overheating.