Remember when the Fifth-Element shocks came out? They were always blowing, esp. the Manitou-licensed versions. They rely too much in compression damping to stop any bobbing, and then lose small-bump sensitivity.
The main problem with the 5th Element as I understood it was just that they were a piece of junk, really poor workmanship and QC. A lot of them blew straight out of the box and it often wasn't the valving, but just air seals and Schrader valves.
One of the other Mudpigs (our pseudo race team, it's our 24 Hours team name) has his 2001 Superlight still. He's in the same boat as Matt, trying to figure out what bike to get to replace it. He's thinking Ellsworth, Yeti, SC, etc., just like everyone else. So in the mean time he put a Fox RP23 on it a year or so ago and he's said that the platform changes everything. He's so happy with his Superlight now that he decided to throw some money into and put a Fox F100 and new wheels on it. It's a pretty trick bike now and he's decided to ride it for a while more.
But none-the-less, suspension guys like Doug Bradbury used always say that compression damping is a band-aid to cover the real problem, which is like you say under sprung. But even he acknowledged that as travel got longer compression damping has it's place and he came up with his TPC damping. Air springs, in particular with small chambers on bike suspension, can benefit greatly from compression damping to keep from blowing through the initial travel and still getting full stroke.
Just the same way, platform valves can work fine if applied right. I'm running a Manitou Swinger 3-Way on my bike right now (came with the warranty frame) and I've been happy with it. I run the SPV just above its minimum, but I sometimes at the top of a smooth climb I will notice that it's locked out. So I guess it's doing it's job. Obviously with VPP it's really not necessary, which is why I run the SPV chamber at low pressure. But that's going on 2 years old now and hasn't given me any headaches. I will one day get the original Fox Float AVA RC that came on my Blur up to PUSH. Really, I will.
So see some of you at Veloswap. Look for big Dean and me!