http://img405.imageshack.us/img405/5331/dttest1meetmrbackstop.jpg. Note that I SetAV'd his Damage Threshold to 115.
http://img138.imageshack.us/img138/9486/dttest2meetmrgaussrifle.jpg Note that I currently can do 115 damage with it.
http://img403.imageshack.us/img403/6893/dttest3controlshotstdmf.jpg. I aimed at Mr. Backstop's torso, which has a damage multiplier of 1x (IE: unaltered). Note the Red Shield, indicating full "nullification" of the damage (a little always gets through).
http://img18.imageshack.us/img18/5733/dttest4aloadedwithmaxch.jpg, now indicating it's loaded with Max Charge cells. Note the boosted damage, now at 201.
http://img44.imageshack.us/img44/5353/dttest4bmaxchargeselect.jpg, also showing I have MaxCharge cells loaded, and also the expected effect to damage: 1.75x.
http://img811.imageshack.us/img811/3053/dttest5notpenetratingdt.jpg. Note that there is still a Red Shield. Despite apparently doing 201 damage, I did not penetrate DT, which I should have by a margin of 86 damage, which is more than enough to remove any "close call" margin of error in calculations.
My tests hold the claim that damage multipliers mean nothing to damage before reduction due to DT to be true.
While this is not an issue for Hollowpoint rounds for guns, which are already not meant to be used against armor, this effectively shows that Energy weapons are nerfed by a bug, since there's no way to overcome DT by loading heavier-charged ammo.
These screenshots are unaltered from their raw BMPs with the sole exception of being JPEG-compressed.