I've had a chance now to play around with the IRV2. I've tested it with a Legacy engine with an IR transmitter, a Legacy engine with no IR but linked with a SensorCar, and a TMCC engine linked with a SensorCar. So far, at least, the IRV2 has performed reliably in all cases.
The one thing that always seems weird to me is that when I press the Record button on the IR sled, the red Record light illuminates next to the Program button--and vice versa. It just doesn't seem logical.
Also, I wish the cables between the IR sleds and the blue module could be longer than three feet. Perhaps I'll try making one and see how it works.