Paul,
Correct it is a 2 cycle engine (4 stroke or 2 cycles of the crankshaft). A secondary coil powers the CDI unit so there is no magneto with this unit. Yes multiple magnets around the flywheel and a stator configured in a 3 phase delta format.
Allan,
I think Paul was saying 2 cycles of the crankshaft, not 4 strokes of the piston. Yes wasted spark means a spark every revolution.
The generator does not run at a constant speed, that is the beauty of an inverter generator. If you require more power, the revs just increase. Frequency is controlled by the inverter circuitry and doesn't change compared to engine rpm.
Ryan