Aggregation numbers of DPS/DMPC and NaDC/DMPC micelles and micellar quenching reaction rate constants are determined by TRFQ. The hydration and microviscosity of the micelle/water interface are measured by ESR of spin-probes inserted into the micelles. These properties vary with composition and total concentration. The ESR and TRFQ data are interpreted together within the framework of a polar shell model of the micelle to derive its features. In the case of NaDC/DMPC, small globular micelles are formed at low NaDC to DMPC ratios (<5), whereas DPS/DMPC forms stable globular micelles for a wide range of compositions. These properties are found to contribute to the observed rate enhancement of micellar lipid hydrolysis by lipolytic enzymes.