The final output of the Reo on a fresh VTC5 is more like 3.85 ish volts, so your watts are probably more like 44 watts or so. I didn't calculate that, thats just a guess, but the Reo has a fair voltage drop (compared to a standard tube mod in brass/copper) but its better than the 3.3 ish volts that it used to be!
Plus, your final voltage drops as your ohms go down, so on a fresh charge with my .28 build, I'm probably down to 3.4 or 3.5 volts. Don't ask how I know, its just my understanding from surfing the threads over these last few months