Hi wapkil,
You're on to something very intelligent here IMO:
A CC only charge to 4.20V followed by termination would result in the cell dropping off to a resting voltage lower than 4.20V, how far it drops down would depend entirely on the charge rate used.
Say for instance, you built a charger that was 50mA and charged an 18650 to 4.20V, you would actually end up with a off the charger fully charged at 4.20V (or very close, like 4.19V or whatever). If the charge rate were very fast, like 2000mA, the cell would likely fall to 4.0V or less after termination.
I would guesstimate based on my experience that a charge rate of ~0.25C to 4.20V would result in a cell falling to around 4.10V (+/- 0.04V) after termination.
As you may know, many poorly designed li-ion chargers do not use a CV stage at all, and have a CC only charge rate that runs up well over 4.20V to bring the cell to a state of charge that results in a resting voltage of around 4.20V after a supposed termination.
The life of a li-ion cell has a lot to do with how much of it's life it spends at the extremes of the voltage range. Optimal life is achieved at ~3.9V or around 50% state of charge. It has been "assuminated" (new word here watch out) that those cheap CC only chargers that ramp voltage above 4.20V during charge are likely having a negative impact on cell life, however, the amount of negative impact is likely pretty low since the cell is only spending a short time (minutes) in voltage situation above ideal. I think the same could be translated down to a charger designed to run a CC mode to 4.20V with intent to result in cells at ~4.10V. The short time the cell would spend above 4.10V during charging would likely not have a very dramatic impact on the cycle life compared to a 4.10V CC/CV charge.
A CC to 4.20V followed by termination would have the advantage of a simpler charger design, and reasonably fast charging (no waiting around for a CV phase to finish up, which can add a lot of time on to a charge).
-Eric