Another thing I noticed earlier when I put the inline voltage meter on the Atlantis and mini earlier was at 3.0v on the mini the meter read 3.9v. Again I know that isn't the best test, but leads me to think this doesn't buck voltage like the specs indicate.
We'll find out more about that after Phil's review.
If you were running DC-DC, no it doesn't. It would be at Battery minimum. Switch to PWM and it should drop. I have confirmed a large output margin by switching at lower wattages< Below 10-12 watts> 5 watt reaction is a major change.