I ran some quick tests with the AW IMR (LiMN) vs the AW ICR (regular Li-ion) 16340 batts under different loads. Both batts were fully charged and reading 4.17v unloaded when I started, and reading just a little lower, 4.15v, by the time I was done. I put 3 different loads across each batt for a moment and measured the voltage while loaded. Here's what I got...
Li-ion (AW ICR-16340 750mAh, Protected, max discharge rate 1.5 amps)
3.3 ohm --> 3.85v (1.16 amps, 4.5 watts)
2.5 ohm --> 3.75v (1.50 amps, 5.6 watts)
2.0 ohm --> 3.68v (1.84 amps, 6.8 watts)
LiMN (AW IMR-16340 550mAh, High Drain, max discharge rate 4.5 amps)
3.3 ohm --> 3.85v (1.16 amps, 4.5 watts)
2.5 ohm --> 3.85v (1.54 amps, 5.9 watts)
2.0 ohm --> 3.80v (1.9 amps, 7.2 watts)
The ICR sags more under load (as it passes its max drain rate) than the amp happy IMR, which is pretty much what you'd expect.