Actually, if you're using it to test a design based around generally standard RC stuff like off-the-shelf ESCs, voltage regulation actually does matter, as you might get out of the range of the ESCs thinking they're attached to 2 cells.
We had this same problem. For a while, we were actually playing with motors that could spike 100A. The solution I came up with was half and half of the suggestions above. Since we wanted to be able to play with 1, 2, and 3-cell configurations, I whipped up a beefy-ass linear regulator: think op-amp with 6 50-or-so amp rated mosfets in a voltage follower configuration. The mosfets were mounted to old pentium 2 heatsinks, 3 per.
That monstrosity was supplied by a Corsair 1200-w PSU with a single, 100A 12v rail. I opened up the PSU and the only modification I made was to squeak a screw terminal block onto it. You could still fit it in a computer for normal use, even. This has served us pretty well. You can probably get away with a few fewer mosfets and a smaller ATX supply, but in general that's the way to go.