Since this is apparently now a "why VMax is better than ProVari" thread, you should at least consider that 2x18350 vs 1x18650 is a more fair comparison due to their volume. I'm no math whiz but I think you'll find similar or better Wh for popular 18650s vs. 2x18350. AW to AW, the 1600 mAh IMR has a slight advantage of ~800mWh.
If the VMax uses a buck converter (I think it does?) then compared to a ProVari you'll probably get very similar usage times at the same output wattage. If you use larger 2000 or 2250 mAh high drain batteries the ProVari should emerge triumphant (but, of course, all due to the battery wizards). At higher amperages stacked batteries are the way to go, and barring battery advances, probably will remain so. IMR 18650s can handle the drain but most of them start getting pretty warm over 5A.
I hope that this thread has not irretrievably become what you described, and again my apologies for the extent to which it has touched on being such.
I just wanted to recognize your point that is very well made, and duly taken.
Until such time that more capable 18350's are available, if ever, or an 18700 2500mah battery comes into existence, if ever, the edge in raw amp/hours does rest with the ProVari with or without an extension.
If my math/electrical theory was and is correct:
VMax: (2 x 18350) - 700 mah at 7.4 volts = 5,180 milliwatt/hours = 5.180 watts for one hour.
ProVari w/ extension: (1 x 18650) - 2000 mah at 3.7 volts = 7,400 milliwatt/hours = 7.4 watts for one hour.
ProVari w/o extension: (1 x 18490) - 1600 mah at 3.7 volts = 5,920 milliwatt/hours = 5.92 watts for one hour.
Total energy storage - advantage ProVari, all the way. VMax still has what I think is an inherent advantage of having higher electrical "pressure" to work with when putting out its 3-6 volts.
Now excuse me while I contact AW to see what the holdup is on packing more power into the 18350 size, and to see how that 18700 is coming along.
Thanks for the very civil, very well-presented post.