It doesn't go through the voltage regulator. We assume that the 5V from USB is in range.
You're the man, Nick! Alas, I spoke to soon. The questions keep on a comin'! I just read somewhere that if you have two LEDs wired in series, you'll need to have a power source that can handle double their FW supply. Is this true? In this case, will 5V not be enough to handle my two 3.3V LEDs in series pairs?
Bonus question: As long as only one LED is on at once, I could handle driving all 14 seperately, right?