Here's my take strictly from observation. Poor eyesight from old age prevents me from having some fun investigating, but I do have a few years experience with larger (much larger) Lithium batteries and chargers. Here's a
link in detail, but in a nut shell a quality charger has two levels at which a charge is applied - high and low. The high rate is much faster (higher current) then the lower one. (See para #2 in the above link)
I believe the blinking or on/off we see in the led indicators is the charger portion measuring at what point the cell is in the charge cycle and setting or allowing the charge to continue appropriately. In view of that, our wall chargers are powerful enough for the charger to use the higher rate and the USB ports are not.
Charging multiple Li cells concurrently from a single charger becomes a bit more complicated as cells must be kept within the 3.2v (LiIo) or 3.6v (LiPo) to 4.2v range. The cells must be kept closely balanced to prevent damage or even destruction.
My unconfirmed conclusion is - The chargers supplied with/for ecigs are limited to less than perfection for the batteries to make them considerably safer for the general public. I've never had one measure 4.2v when the led turns green which indicates they are at something less than 100%. Most commonly it's 4.12v which is at best 90%, even if left on charge overnight. Again - I believe that's a great safety factor, and one that is very acceptable for the use intended.
Lithium battery technology and included chemistry is changing just as fast as the developing e-cig, and it's sure to improve as they both evolve.