Think about the process like this.
There is a coil that is at the center of every e-cig. It heats up the liquid and produces the vapor. IF you increase the power(wattage) of the coil you increase the heat which will change the output of the vapor. How it changes it can be a little subjective but higher voltage typically produces greater vapor volume and can diminish the flavor. Once again this is subjective but it is important to recognize that the variable that I am discussing is the heat of the coil.
A higher voltage battery will increase the power, therefore the heat of the coil. You also must realize that there is another factor of the equation and that is the resistance of the coil/atomizer. If you were to use 3.7v of power with a standard atomizer that has a resistance level (ohm) of 2.2 your wattage output would be 6.22 watts, this is the amount of power that is being applied to the coil. Let's say you were to use a 5.0 V power source, with the same atomizer, the wattage would be 11.36 watts, almost twice as much as a 3.7 power source.
Another approach is the use of a lower resistance atomizer, usually rated around 1.5 ohm. a 3.7 power source would them produce a wattage of 9.12 This allows you to produce power that is close to a 5v power source without needing a new device or batteries. These are pretty easy to get and not very expensive, many suppliers offer these, including the Vapor Talk store.
In both of these examples, what we are effectively doing is increasing the power to the coil, elevating the heat of the coil to manipulate the vapor that is being produced.
A couple of notes: a LR atomizer will not work on the standard 510 battery as it does not have enough battery capacity for the output. Also a LR atomizer should not be used on a 5v power supply as it will overload the coil and break it, similar to a power surge on a light bulb.
I hope this is not too complicated but in essence, this is exactly what the power discussions are all about, end wattage. It can be easy to lose this principle as everyone talks about devicess, atomizers, batteries, passthroughs, etc. At the end of the day, the end wattage is what heats the coil and will produce more or less vapor/flavor.
Power is calculated through Joule's law. You can find an easy to use calculator here:
http://thelocust.net/ohm/
A wiki post with a good explanation is here:
http://en.wikipedia.org/wiki/Joule%27s_laws
One option that is available to you that was not to me a few months ago when I was starting was variable voltage devices. These allow you to adjust the end wattage through the use of a variable regulator. It can give you 3.7v up to 6V and everything in between. However, it does require batteries and sizes. I did a review of one of these that can be found here (includes size comparisons).
http://www.vaportalk.com/forum/forum/topic/6307-the-buzz-final-review-update/
The eGo is a tremendous device, one that I used and it works well with a LR atomizer. There is no shortage of eGo or eGo similar devices.
I strongly recommend that you read all the reviews and discussions you can before you buy. You may also want to stop into the video chat room where you will never find a shortage of people to discuss this with you.
I know there is a lot of info in this post and I hope it was helpful. I bought 6 devices until I found the one for me (and I am probably still not done... ) and I hope that this post will help you avoid having to go through the typical progression of devices that most go through to find out what is best for their needs.
Remember, evaluate what your needs are and what is important to you. Just because a device works well for me (or anyone else) does not ensure it is a good fit for you. Find out why people like the devices and match that up with your requirements. Good Luck.