Kay, the eGo doesn't have air vent holes, but the bottom cap on the battery is a press in type that blows out if the battery begins to vent and build up pressure in the tube. The eGo also has a 10 second cutoff that prevents stressing the battery from holding the button down to long. Inside the tube is an ordinary lithium ion cell. The tube is a holder that provides the electronics and the 510 adapter threading.
There's been a few instances where an eGo battery has exploded, but those are generally cases where the charger has failed and continued to push the battery past 4.2v.
You can check the voltage with an ordinary voltmeter. It is pulsed at 3.4v to keep the vapor consistent from full charge to cutoff. Those digital screw in voltmeters you can buy that install between the atomizer and the battery won't show the voltage (they flash 888) because they don't have the more sophisticate averaging circuitry that digital voltmeters have.
If you are looking for a warmer, more cigarette like
vaping experience, you can try one of the 3.7v batteries like the Riva or Kgo. You get slightly shorter time between charges due to the increased wattage draw, but most people like 3.7v for low resistance atomizers. The eGo 1100mah batt is also a 3.7v battery.
ETA: The standard disclaimer applies to eGo and other ecig batteries. Never charge them overnight or when you aren't around to monitor the charger. Always take them off as soon as the charger LED turns green. The trickle charge that occurs after the charger "cuts off" can push the battery into thermal runaway.