You're right that neither machine will put out its max flow at the Max pressures they advertise. I'm pretty sure that the 262D is a piston pump and the 242D is a gear pump. All of Bobcat's pumps are belt driven gear pumps. I also don't understand why Bobcat went to hyd tanks all around 2.5 gallons.
The pumps are positive displacement so the advertised flow is what they will produce regardless of pressure. The advertised pressure is what they can operate at safely.
To back that up, cat advertises their hydraulic HP for their machines, given that info yes they will put out max flow at the pressure advertised. Hydraulic power is a simple calculation. GPM*PSI/1714=HP. Now this does assume 100% efficiency which is never the case.
242D Standard: 20*3335/1714=39hp.
Now the technical side to understand it some or become more confused. First off, pumps produce flow not pressure, pressure is resistance to flow. The pumps in this situation are all positive displacement which means that regardless of pressure they will produce the same amount of flow. There is a limit to what they can operate at though (stall point) and that is why all systems have a relief valve. Gear pumps are what's used in these machines and gear pumps are fixed displacement, meaning they are always putting out the same amount of flow per revolution. Their operation is simple, gears of some sort meshing with each other and squeezing a fixed amount of fluid between them. So if its max flow is 20gpm @ 2,500RPM thats what it will be no matter what, if there is 100psi it still produces 20gpm, if theres 3300 it still produces 20gpm but remember the power calculation, its taking 38hp instead of only 1hp.
Piston pumps are the other pumps used in these machines and they are almost always variable displacement. In this case they are axial piston pumps and their output is controlled by a swash plate. Piston pumps operate by using pistons that move up and down to displace a certain amount of fluid. The amount of fluid is controlled by the swashplate. The angle of the swashplate controls how much the piston can move up and down. The old school drive controls are an example of this, your lever is simply moving the swashplate to increase/decrease the displacement or change the direction of the flow. EH controls just replace your lever with electronics. So what controls the displacement of the auxillary pump in this case? The load sensing control. This is where the big advantage comes in over the fixed gear pump. In simple terms the load sense control recieves pressure from the pump and pressure from the load. The LS control has an internal spring, lets say its set at 200psi so it works by keeping the pump output 200psi higher than the load pressure. If the load is 3000psi, the pump will be putting out 3200psi. But remember pressure is just resistance to flow, so what is the flow? Depends on what you are doing, thats whats great about variable displacement. If the tool needs 10gpm at 2,000psi, the pump will put out 10gpm. At idle the pump is only making 200psi because of the LS control's internal spring. Now when you push the button for flow in the machine and the auxillary spool valve opens, the fluid starts to flow to the tool but since you only have virtually no flow at 200psi it can't move the tool and thus pressure increases which the Load sense valve then sees and thus moves the swashplate for the pump to increase the displacement. It will not stop increasing the displacement of the pump until the pressure difference is back to 200psi or the pump is at max displacement which is the max angle the swash plate can be moved. It is very rare that the pressure and flow requirements are ever consistent with any work tool so the load sensing can really save power and fuel by only supplying what is actually needed. The last part of this system is the pressure compensation which is present in the Cat system and many load sensing variable displacement pumps. Pressure compensation de-strokes the pump when a preset pressure is hit, let's say 4,000psi. So if you are running a mulcher and stall it against something, the pump will destroke to 0gpm and thus you wont be wasting power and creating heat by going over relief. There is still a relief valve in the system, but set higher than this. This all obviously happens extremely fast and the end result is only using the power and fuel needed to accomplish the task at hand while reducing the overall heat production as well which increases efficiency and decreases cooling needs.
The above is just what is happening with the actual pumps, there are a lot of outside controls that influence things as well. You may be thinking, "if the gear pump is fixed displacement, why can I use a variable control thumbwheel?" That is where proportional controls come into play downstream of the pump. Another topic for another day.
Confused more yet?
The 242D just uses standard "High Flow" which is a gear pump. The 262D uses XPS High Flow which is a load sensing proportional control variable displacement piston pump. I presume what they are doing when you hit the high flow switch is allowing a larger swash plate angle (allowing more flow) and changing the proportional control setting (destroking the pump at a higher pressure). Exactly how, I do not know nor can I tell from the parts book.
So is it better than Bobcat? I don't know their system well enough to even make a comment on it. If they're using gear pumps does that mean its not load sensing and inferior? Not necessarily there are load sensing gear pumps and ways to have a load sensing system with a fixed displacement pump. Not always the most efficient or simple setups though.