pluggy wrote:Does it have a fixed lead or a separate lead with a USB socket? Have you measured the voltage both sides of the F3 polyfuse? Some Pis appear to have polyfuses that are a bit high resistance and drop the voltage quite a lot. But, if its doing the job, I'd tend to leave it alone.
Some Micro USB cables have very thin conductors and have substantial voltage drop. The best way to find out which components are dropping voltage is to measure 5V at the power supply and on both sides of F3. There are useful instructions for this at the RasPi Troubleshooting Wiki: http://elinux.org/R-Pi_Troubleshooting# ... r_problems
That said, if 4.65V works you shouldn't have to do anything. I was doing fine with 4.65V before I switched over to a Motorola Atrix Lapdock which gives me nearly 5.0V. You'll use less power at 4.65V and run cooler since 3.3V regulator RG2 won't have to convert as much voltage to heat.