Sully
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@Dhim covered this in his review of the IPV V2 (same chip) at my request. He also posted some pics. The chip does not really step down below the battery voltage much. The voltage readout on the device is not to be trusted when stepping below actual battery voltage, we think it just has ohms law programed into it, def not a live reading of voltage. The lowest he could get it to step down was to 3.44V on a .2 something set to 7 watts. That's at least 40 watts, not 7. See his review and follow up pictures at thread linked here (stepdown discussion starts at post #21):You are absolutely right. I just used a voltage meter with a .3 ohm coil setup and it went from 4.41v to 4.02v and then sat static there, at 7 watts. Weird. Very counter-intuitive.
50 Watt IPV v2 by Pioneer4You Review