Good observation, and yes the "less heat wasted" is also related to the improvements with lowering the Internal Resistance of the battery. With fewer cells (fewer connections) between each cell that create resistance along with less wiring etc... the lower resistance means that less (battery energy) is converted to heat. Another plus is there is less voltage sag. With battery chemistry aside, something that will be interesting to factor in to the efficiency, just the IR improvements, is definitely a plus in my book.
ps: The battery chargers that I use for small Lithium batteries checks Internal Resistance. It is the primary metric and means I use to determine the health of the battery as it ages. It helps to anticipate battery problems before they become apparent .