Found a major stash of information:
Originally Posted by Shawn_Palmer from RC Car Action Forum Voltage
The # of cells in the pack determines voltage. Each cell is 4.2v fully charged. Most folks are comfortable with the fact that each cell in a NiMH/NiCad pack is around 1.5v fully charged, and the same principles apply to lipos.
6 NiXX cells = around 9.0v fully peaked, and pack rated as 7.2v (1.2v/cell) as its "nominal" voltage. 2 lipo cells = 8.4v fully charged, and pack rated as 7.4v (3.7v/cell) as its "nominal" voltage. 3 lipo cells = 12.6v fully charged, and pack rated as 11.1v (3.7v/cell) as its "nominal" voltage.
As you can see, "nominal" voltage is fairly arbitrary in both cases, as it's neither the fully charged voltage, nor the fully discharged voltage, but somewhere in the middle.
Current output capability
Lipos are commonly rated as "10C" or "15C" or "20C". The "C" stands for the capacity of the pack in Mah (milliamp hours). The "10, 15, and 20" stand for how many times of the capacity the pack can deliver continuously in amps.
So a 3800mah pack rated at 10C can deliver 38A continuously. A 3800mah pack rated at 20C can deliver 76A continuously.
"Ratings" can be misleading however. Apogee, Kokam, Orion, Peak and Tanic all have an impeccable record of their products standing up to what they SAY they will deliver.
So what does this have to do with anything? Well, lipos are subject to the same rules of performance as any other battery. They are still an electron storage device - just in a different package and configuration than you're used to seeing. The main parameter controlling a battery's performance is internal resistance. The lower the internal resistance, the more amps (speed/punch) it can deliver, the higher the voltage (speed/punch) it will maintain during that delivery and the cooler it will be at the end of the delivery.
So the above "10C" 3800mah pack would give lower top speed, less punch, and be hotter at the end of a run than the "20C" 3800mah pack. The exact same run will also use more mah from the 10C pack than it would from the 20C pack.
So the (actual) "C" rating of a battery is important to know, but what else affects performance?
Mah Capacity
One of the most interesting things about lipos is that as the Mah of the pack goes up - so does the output performance. As above - a 10C 3800mah pack can do 38A. If we parallel two of those packs together to make one 7600mah pack, we can then get 76A from it. From the above, we know that the more amps the pack is capable of, the more speed and punch are available, and at a lower pack temperature. So ideally, we'd want to run the most mah that can fit in the car, and have that pack be "rated" for the highest reliable "C" rating we can find. This maximizes speed and punch, and minimizes heat within the pack.
Just like you wouldn't want to run the GP1100 pack from your 18th scale car in your 10th scale car, you wouldn't want to run too small of a lipo for the performance that you want.