The internal LiOn battery (if connected) is like 3.7 to 4.2V. It is normally charged from externally-supplied USB 5V. This suggests to me that the innards run on something less than 3.7V (most likely 3.3V), meaning that there is an on-board voltage regulator to drop 5V to whatever the internals run on.
My question has to do with what is the maximum voltage that the internal voltage regulator can handle. If doing this, there would be no internal LiOn battery.
