You mentioned that one couldn't tell the correct voltage with an inline volt meter, but what about a multimeter?
No.
Here's what's physically happening. Lets say you have a 2 ohm resistor on the unit and you set the ring to 8 watts. Per ohms law the unit should put out 4 volts.
But it really isn't firing 4 volts DC. It uses boost circuitry to convert the output of the battery to 6 volts, then it's firing 6 volts of Pulsed DC 48 times a second. This is caused Pulse Width modulation. The duty cycle is how often it fires. The amount of the time it's on during a single duty cycle is the pulse width. The voltage out is a function of how "wide" the pulse is. A pulse that is only on for 1/3 of the duty cycle would calculate to roughly 1/3 of the peak voltage (2 volts) A pulse that is on 2/3 of the time would be 4 volts, and so on. So with a duty cycle of 1/48 (.021) of a second, the device fires 6 volts for about .014 seconds and off for about .007 seconds and repeats this as long as you hold the fire button.
Your multi meter can only read the actual peak voltage, so it will always display 6 volts out. An analog meter may show 6 volts, but the needle would quiver due to the pulsed DC signal. A digital meter may show 6 volts, or just show nothing because it's not sensing a constant "flat" DC signal out.
In any case your not reading the average result of the PWM, only the peak voltage generated.
You may hear of things like 33.3hz chipsets (common in most Sigelei's and Vamos). This just means instead of a duty cycle of 1/48 of a second, those units fire a duty cycle of 1/33 of a second).
The higher the hz, the smoother it appears.
The ProVari, for instance uses 800Hz PWM. It's duty cycle is 1/800 of a second. This is so fast that it allows ProVape to add filtering circuitry on the output so that the output voltage is a "true" flat DC signal not a pulsed signal. That's why an inline volt meter or multimeter will read correctly on a ProVari but not on other mods that don't have filtering on the output.
The MVP and VV3 don't use PWM at all. Instead, they connect two LiPO packs connected in series so that the output of the device is doubled. Then they simply step down the voltage depending on what is set by the user.