That's true, but it is very important to have enough volume between the regulator and the valve seat so that the AVERAGE air pressure in the valve during the shot is as high as possible.... I have a rough rule of thumb of 1 cc per FPE that you want the gun to produce.... As the volume gets smaller, the average pressure decreases.... because the regulator can't act quickly enough to top it up.... Basically, what air you start with in the valve is what you have to deal with.... Related to this is how the air between the regulator and the valve can get INTO the valve.... If it can't (easily) then only the air in the valve matters.... Generally this is relatively small, and it will restrict the power.... &^%$# "XP Tuned Valve" has slots milled in it to allow more air into the valve than can get out (hopefully) so it can produce more power.... Study that thread I pointed you to earlier, there is a LOT of information there.... If you have any specific questions, just ask....Regulators have their liimitations, too.... They prevent you from benefitting from the higher efficency of the higher pressures in a non-regulated PCP.... The first few shots in a non-regulated gun may be as much as twice as efficient as the last few (and the rest are in between).... How much energy you can get out (in FPE) for each CI of air you use is important, and one of the things I spend a lot of time on.... Lots of variables.... lots of fun dscovering how they interrelate....Bob