Yes, I meant to find this thread to post a mini-review but never got around to it. Sorry 'bout that.
I am very pleased with the '03 Conquest so far. I have it running at 170psi on an Impulse, with no inline reg, so my overall setup is very light. The reg itself is about an ounce heavier than my old PMI preset, but allowing for mounting hardware (I had a drop forward, bottomline and inline on/off before, now there's just a dovetail rail) and the weight saving of a gas-thru grip insead of an inline reg, and it's noticeably lighter. With the mounting rail on backwards it puts the bottle exactly where I want it for grip and balance. Only the fill nipple gets in the way very slightly, but not enough to be a problem.
The flow and consitency of the reg is great once it's had a couple of thousand shots through it to bed everything in. As good as a Max Flo, if not better. I get no noticeable shootdown at my highest rate of fire, which I did with my old preset/inline setup. Shot-to-shot consistency is very good, too. Also, there is no pressure drift, either up or down, as the tank runs down. It is only at a little below 500psi that it starts to give up -- the pressure stays constant, unlike some regs that spike in that region, but the flow starts to suffer after tht point.
The combined on/off and pressure adjustment is an ingenoius design, although you can't easily adjust it while it's on. You have to turn it off, give it a tweak, and turn it back on at the new setting. That doesn't really slow me down in practise, since it needs very little adjustment. The on/off mechanism also has a built-in dump facility which vents the marker pressure when you turn it off, so no more dry-firing needed to degas the marker. At certain pressure settings the on/off knob protrudes downwards, which could cause problems, but for me it points sideways so no problem there. When it's set, two plastic-tipped set screws clamp the adjuster down to make it tourney-legal.
Only two little gripes overall - firstly, the gauges and fill nipple are screwed in with teflon tape, and very soon after i first used it a bit of tape got stuck in the seat, so the output pressure started climbing alarmingly until I turned it off. 5 minutes later, I'd emptied the tank, opened up the reg, removed the offending scrap and reassembled it, as good as new. Just teething trouble, but it shows why teflon tape can be bad news. The other little moan is that the scale on the output gauge is useless below 200psi, but it could be replaced with any 0-300psi minigauge I suppose. I have an ASA-mounted gauge anyway, so I read the pressure off that.
Output range of the reg is quoted as 0-650psi - it certainly rocks at under 200psi, which many regs have trouble with, and it works a treat on a raced cocker I put it on, set to around 350psi. And it's just so small! And light! Certainly a recommended purchase, if you're looking for the best reg for your money. The only reg I've tried that works as well at such a low outut pressure is the Max Flo, which I don't like much because of its sheer size and weight.