Your 3417 mV simply means it's putting out a little over 3 volts at that moment. It has nothing to do with capacity (i.e. how long it can power the phone.)
The numbers below are the stock battery capacities in milliAmp Hours. In other words, if an iPhone 4 was using 142 milliAmps in a certain configuration, it would last 10 hours.
iPhone 4 = 1420 mAh
iPhone 4S = 1432 mAh
So, yes, the 4S battery is slightly bigger. However, it's also a faster phone which requires more power, so it doesn't necessarily mean the bigger battery will make it last longer than an iPhone 4.
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