I just heard that it was fixed at 3.7v, with no variability, but still regulated, so no sagging in output... 60w is also possible unregulated safely on a single 20a 18650 cell btw...
Edit: Oh sorry, you mean the max. output... Yeah that's regulation, although there are some "unregulated" mods, which also caps at e.g. 0.2ohms, like the dovpo gx200 I believe it's named... Hmm, maybe i'm wrong, and it's not regulated at e.g. 3.7v always? I really don't know for sure, sorry...
Edit: Oh sorry, you mean the max. output... Yeah that's regulation, although there are some "unregulated" mods, which also caps at e.g. 0.2ohms, like the dovpo gx200 I believe it's named... Hmm, maybe i'm wrong, and it's not regulated at e.g. 3.7v always? I really don't know for sure, sorry...