Tom may have mistakenly typed OBDV, but he meant EEC V. This has nothing to do with OBD-II.
OBD II is just a diagnostic code to retrieve very limited fault & sensor information from the PCM. It has nothing to do with the PCM's control of the engine. That's where the PCM's actual programming (EEC V) comes in play.
As for your ranting...
Your main mistake is comparing EEC IV to EEC V

EEC V does act much differently than your old Mustang's EEC IV did.
Also like Tom alluded to the PCM really does do all the calculations.
One of the reasons that you should definitely understand/believe is we do not have a MAP sensor like your old mustang did.
Also it is actually tremendously more efficient to do it this way. (better power, better mpg, less emissions, etc)
Also with the night & day difference in PCM design these calculations take milliseconds where an EEC IV PCM would take days. (okay that's a "literal" overstatement but the difference in technology is that far apart!)
I have not personally tested it like Tom did, but I have seen the PCM code. Also if you still can't fathom the PCM being able to calculate injector pulse, fuel pump voltage, load, hundreds of scalars and multipliers, etc that fast.
Take a look at how a returnless engine works once!
No FPR, No MAP, etc. Everything is computer controlled right down to the actual voltage that runs the fuel pump.
Technology has come a long way. You state you have a working understanding of "OBD-II." You should understand this then!
Even comparing an OBD I car to OBD II car is ludicrous. Much less comparing the drastic change & increased complexity of EEC IV to EEC V!
Also your bash on Tom was pretty stupid.
Especially since he is right; how do you think that makes you look???
I've read some of your posts where your reponses were very knowledgable. I've read others were you are out in left field. I'd say you are definitely in left field this time.
If you still want more proof I'll gladly post some captured screen images of a few of the tables, scalars, and multipliers in the EEC V code that pertain to this.