Rubber-like materials can undergo very large strains in a quasi-reversible way. This remarkable behavior is often called hyper (or entropic) elasticity. However, the presence of mechanical loops during a load-unload cycle is not consistent with a purely elastic behavior modeling. Using Digital Image Correlation and Infra-Red Thermography, the present study aims at observing and quantifying dissipative and coupling effects during the deformation of natural rubber at different elongation ratios. For elongation ratios less than 2, the famous thermo-elastic inversion is revisited within the framework of the irreversible processes thermodynamics, and interpreted as a competition between two coupling mechanisms. For elongation of about 3 or 4, the predominance of entropic elasticity is shown and the relevance of the analogy with perfect gases, at the root of its definition, is energetically verified. For very large elongation ratios (about 5), the energy effects associated with stress-induced crystallization-fusion mechanisms are underlined. The current experiments, performed at relatively slow strain rate, did not exhibit any significant dissipation.