Interesting! I *think* the lowest I've seen the battery go is two of four lights but I also never got to the point where the power cut out. I got to the point where the display was blinking the battery symbol once and just assumed the computer was about to cut the power off before the logic board on the battery cut things off. I assumed it was a way to just get more cycles out of the battery... but then again you know what they say about people who assume!
Interesting. Mine reads 53.8 when it was fully charged too. Maybe a -0.6 or -0.7v bias on the display. I think 54.6v would be a fully charged battery (4.2v*13 cells), although I'm sure 54.4 is very reasonable over that many cells.
Don't forget, the battery is being used to run the display and power up the motor. There is bound to be a slight voltage drop when a load (the display and motor) are connected. The drop is negligible, what you really want to know, is how much power (voltage and current) remains in the battery under load. The controller will have cut off circuitry, monitoring voltage. (it's easier and cheaper to build voltage sensing circuitry).