That's kind of what I was thinking. With the Smart Mods use of a capacitor or similar tech. it could take 3.5v store it up to give 3.7v regulated keeping the experience pleasant longer. Also at the other end, like you said, a near flat battery might last longer in a mech. mod. if your experience is still pleasant at the lower voltage. This might explain why I have killed so may high drain IMR batteries in the past with my Mechanical Mod. The high drain allows for a better/longer experience on a battery, hence, over draining it to the point I can not recharge it.
Interesting, thanks Itsmeitis!