Hey, I bolted up a 465 last week (at 46 miles) and have put about six hundred on it this week. Most of the riding has been 2-up (I'm 220 kitted up and the little missez is about a buck twenty-five... ) with a mixture of a little slab, two-lane locals, 2 track sand / gravel and maybe 35 miles of single track.
I haven't touched the settings. The damping action is very "progressive" indeed and the spring is spot on. We haven't had a hard bottom-out yet. There is no pogo, the suspension just goes about it's business. Off-road traction (with the stock tires) is noticeably improved when climbing in rock.
Overall I would say it exceeded my expectations. After reading everyone rave about the Moab and how it was worth the extra money over the 420 (Can't find any reviews of the 465 yet) I was concerned with my decision. Once it was here and bolted in I was all smiles... and quite proud of my frugality.
Progressive has been building vintage suspension for a long time... We are indeed on a vintage bike. The DMV just doesn't understand that.
Oh, it looks way cool to.
EDIT: It feels like a 400 pound evolution period dirt bike with a custom-application kitted shock, if that makes any sense.