When I first put a TTX36 on my ZX10 last year (displacing a very well sorted 46 PRXLS) I was immediately impressed, actually stunned would be a better description.
As for the technical reason, the method of operation suggests that because of the full flow design this shock will build damping faster, that is with a smaller amount of shaft travel. I have seen you quite rightly point out if the shock has bleed it can't have instantaneous damping (not to mention compressibility of the working fluid etc). While it has bleed like a (dare I say) conventional shaft displacement device when you think about the percentage of flow that goes through the bleed assembly on this style of shock to the percentage of flow on a TTX bleed, the TTX has a significantly lower percentage of bleed.
Lets face it on a conventional shock the piston moves in response to a bump and a shock wave of fluid hits the comp adjuster making it swing open (hence the mandated small flow rates of this part of the device) it chokes and all the while not much damping has happened. Next as pressure builds the big and relatively heavy compression stack opens on the main piston as it can finally overcome the oil film attraction / stick of the shims against the piston surface and inertia then pressure on the top of the shock drops fast. Next assuming that the shaft is a reasonable size the displacement of this once again builds pressure in the top of the shock and it sort of falls in to equilibrium eventually after a few pressure spikes which are obviously reflected in the observed operation of the damper.
On the TTX all of the fluid (the same as the conventional as it starts to move) displaced by the piston is applied to the single compression circuit. (that by the way flows through the rebound bypass to make it to the other side of the main piston meaning that the dead stroke between compression and rebound is greatly reduced) Hence the damping builds very fast, far faster than the conventional designs without the sudden drop off as the other circuit starts to work. This faster build of damping and its stability has a big effect on a motorcycle with its poor sprung to unsprung weight ratio.
Theory is wonderful, but how does it work in real life? I found that the TTX gave simply unbelievable results on poor road surfaces, in fact the worse the road surface the better the TTX performed! On really smooth road sections its better but seemingly not by a whole lot, but the moment you encounter bumps, even small ones the difference is huge.
Tyre life increased more than a little bit! I get about 30% improvement in trye life (Metz Race Techs) over the aforementioned 46PRXLS.
What can you expect to feel, well pretty much nothing. The characteristics of the shock are so neutral its odd at first, which very quickly turns to increased levels of confidence after just a few corners. It just sticks, at first I though it was lacking feel, it wasn't it just had more traction available everywhere it took awhile to re find the improved limits of adhesion.
Its useful range of rebound adjustment for a given bike spring etc combination is small. But at the same time this wasn't really a complaint just an observation. Then useful compression adjustment range is very wide, and importantly rather linear as well.
Is it sensitive to tyre choice?, sort of but less so than conventional shocks. They as supplied are very adaptable, however if you are prepared to loose some of the adjustment / adaptability range and optimize if for a particular trye construction (read Dunlop v's the rest pretty much) there are small but useful gains to be had.
These things out of the box sans a change of spring if required are really very good indeed. Would I have any hesitation in recommending a TTX36, none....
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