[suicideneil]

From what I've heard, the esc tends to 'burp' when you hit lvc, then shuts down shortly afterwards if you keep running- personal experience may differ as there are various software revisions so not everyone may have the same type of cutoff ( I use an external lvc alarm as I dont like the idea of a hard cutoff).

I doubt very much you are hurting your lipos at all- seems like when you are hitting lvc the esc is reducing power as the voltage sags; if you let off the throttle, it will rebound and carry on at full tilt for a little longer I reckon until the voltage starts to sag again and the esc once again cuts power.

Anyways, 3.2v is pretty standard and perfectly safe, 3.4v if you have crappy lipos or are overly cautious about your lipos (neverous nelly?....). As it is, when I noticed my lipos starting to dropoff in terms of power/punch, they actually read ~3.7v still with no load on them. An eagletree logger would be the only way to see whats really happening when the lvc starts to kick in...