Well I decided to do a voltage test to see if it has any kind of regulation. Instead of a coil, I ran 2 wires and attached them to my DVM. When the button is pushed on a new charge, it shows full battery voltage, after vaping it today, the voltage has dropped .46 volts. Conclusion, it gives straight battery voltage. I guess I don't notice because as the battery goes down I guess I take longer hits. Going to try to see how low it goes before it cuts off.
Edit: Looks like it cuts off around 3.4 volts.