Okay..this might start a debate but I own an e-power and a replacement switch.
From testing I've done, MY e-power and my replacement switch both output battery voltage... ie 4.2v full charge, and slowly drops.... doesn't seem like there's any regulation going on.
batteries perform better fresh off the charger (I find myself constantly swapping them out at about 3.9v)
Now... lots of vendors/people will tell you the e-power is regulated to 3.7v! The current leading theory (We have a discussion over at teh gotvapes forum) is that there's two different models of switches... a regulated version and a true 3.7 version.
I'd really like a bunch of people with e-powers to test them and tell us what they find. Everything I've read says the e-power is regulated, but my own direct experience and my multimeter lead me to believe otherwise (And it can't be a faulty switch, as I have a spare switch and get the same result)... The only reason I TESTED it was because I was noticing a huge difference in performance as a battery would lose charge... I thought the e-power was regulated so I thought I was tripping...
threw a fresh 14650 in it and performance noticeably increased... this led me to testing output with my multimeter
And people, please don't jump in here yelling at me "The e-power is regulated! U R DUMB!" without actually having one and testing one yourself... I honestly think there must be two version of the switch module floating around.
I don't know if the e-power has a mosfet in the switch..it shouldn't need one, but I do not know.