How is it regulated? It sounds to me like it's unregulated. Every unregulated battery starts at 4.2v (fully charged, then stays at 3.7v for most of the cycle before cutting off somewhere ~3.3 or 3.2v. Those warning lights seem to be indicating battery voltage as the the charge gets depleted, no?
I've always wanted a side-by-side, but never got one. All kinds of potential issues; the biggest ones for me: 1) I always unscrew my tanks from the mod while holding the very bottom of the tank as to avoid accidentally unscrewing the glass part from the base--impossible with side-by-sides and 2) I don't want the AFC valve of my tank facing the body of the mod--it might impede airflow and make AF adjustments on the mod impossible. So I gave up on them.
Just my