Basically what it boils down to - if you want to run something beyond the 3.7v range per battery - get a series mod. Wismec Noisy Cricket II is a good safe start for something of that type. And before anyone says anything else - I said the Noisy Cricket 2. Why that mod? Because it runs "series" with a chip in it. Series mods will definitely go over the 5v limit. And why would you want a series mod? Let's say you're running really exotic builds and your regulated mod just doesn't ramp them up fast enough, well, the answer - hit that build with 7.4v (3.7v x 2 @ "peak" output). Series boxes don't care. The best thing about the NC-2 is that it runs either Series or Parallel and has 2 modes when running in series. VW and Bypass. I usually run my NC-2 in Bypass, granted the battery cutoff is usually 3.4-3.5v but it gets the job done. But with a regular old round wire build (or even ribbon wire), there's just no need IMHO to go over 3.7-4.2v
The difference you may ask between series and parallel - series multiplies the output of the batteries. So 2 batteries wired in series will usually give you a total of 7.4v @ whatever the amp rating is. When running a parallel setup the batteries are sharing the load - which results in a 3.7v @ whatever the amp rating is. Some will argue "But you could theoretically..." I don't care what you "might be able to do", just stay within the CDR limits and you should be safe.
The difference you may ask between series and parallel - series multiplies the output of the batteries. So 2 batteries wired in series will usually give you a total of 7.4v @ whatever the amp rating is. When running a parallel setup the batteries are sharing the load - which results in a 3.7v @ whatever the amp rating is. Some will argue "But you could theoretically..." I don't care what you "might be able to do", just stay within the CDR limits and you should be safe.