Well, I'm sure there are more qualified people to answer this than me, but based on my vast electronics knowledge (all of which is very
dated and mostly forgotten) I'll give it a shot.
I doubt that there's much in the way of capacitors, resistors, chokes, or transformers inside a Torpedo (other then a few supporting bits). The heart of a Torpedo would undoubtedly be an IC (Integrated Circuit (think a-whole-buncha-transistors in one physical package)) buck/boost chip. This is what would take the varying voltage of the battery and either boost it higher or throttle it down. There shouldn't be any voltage drop-off as the battery voltage changes (with the changing charge state), but I suppose there could be a more pronounced voltage sage as the battery nears the end of it's charge state.... epically with higher demand devices (e.g. dual or triple coil cartos).
One thing to be aware of. Unlike other mods that just give you an error code and won't fire if you select an output voltage that's too high for the resistance of the device you're trying to vape, this device will reduce the output voltage to something it thinks is acceptable for the resistance of whatever you've stuck on the end, and fire anyway. What this means is that you can set it for six volts with a LR atty attached and it will vape just fine..... but you won't be vaping anywhere near six volts.
I've never noticed a drop in performance with my LTs.... but I usually don't let the batteries drop much below 3.5v...... that's just me though. YMMV.