Thank you for taking the time to summarise your experience with the Megapoints.
I too considered the Cobalt as the most serious alternative, however, having seen a demonstration of the system at Model Rail Scotland, I was attracted to Megapoints by a) the apparent ease of plug-and-play, b) the built-in programmability, particularly for route setting, and c) the semaphore operation possibilities. That said, the demonstration was on OO equipment, whereas I model in N.
The advantage, of course, with Cobalt is that it has two built in electrical switches, one for Frog switching and the other, perhaps, for LED rout indicating, or signalling.