"Can you elaborate on what "somewhat functional" means?"
@stan2004 By "somewhat functional," what I meant is that in conventional mode, all of these robotically-controlled trains use some kind of programmed-in "lookup table" to correlate input voltage to a target speed.
Generally the train won't begin moving until some fairly high minimum voltage, say 8-10 volts, is on the track. This creates a "reserve" of motor supply voltage for the on-board computer to use. For each increase above this minimum voltage, the train will TRY to maintain a specific target speed, regardless of load or grade. Obviously if the grade is very steep, at low voltages and slow speeds there might not be enough reserve voltage to climb the grade without slowing down.
ERR and PS2 work okay in this fashion. For example they'll prevent a "runaway" downhill if you're using a Lionel graduated trestle set. But compared to locos without closed-loop feedback speed control, I find the response a bit laggy and vague. It's hard to describe... they just lack the direct connectedness of a conventional e-unit. To some extent this is unavoidable-- the system has to include some hysteresis; a "sampling period" to determine whether the target speed is being maintained, or the motor voltage should be changed. If it's done poorly, you end up with surging like the Odyssey Lurch (remember that!?)
One advantage PS2 has over LocoSound is that the max acceleration and deceleration rates (in terms of scale mph per second) can be set using DCS and stored in the loco. I would presume that for Locosound these are permanently set at the factory defaults of '4' and '2'. @gunrunnerjohn is it also possible to "neuter" the incoming antenna signal on PS2? If so, this would give you all of the advantages of LocoSound AND allow you to customize the Accel / Decel.
PS3 in conventional has its own issues. Upon its introduction folks quickly discovered that PS3 locos won't "coast" when power is cut in conventional mode. Coasting ability isn't ONLY conferred mechanically by the flywheel. In many of these locos the flywheel(s) are pretty small and can't contribute much. The gears themselves are self-locking. Perhaps through capacitors, anti-reverse commutation diodes, etc., it's the circuitry that keeps the motor turning longer than it otherwise would. If I recall, MTH never publicly acknowledged that the lack of coasting was a "problem." As far as I know they never did anything to fix it. Bottom line: PS3 would be my last choice for cruise control in conventional! Good topic here!