I finally got PCQ working the way I want (and expected). My setup was done with great care but never really worked until yesterday. Here's why:
We have an office with 50+ devices on a 10Mb internet connection. My very basic requirement was that anyone of these devices can pretty much do what they want and all the available bandwidth would always be distributed evenly between all the clients (per ip shaping). I.e. if one guy is using a download manager with 20 connections and another one uses a single connection, both should get 50% of the bandwidth (assuming both go flat out). For three it should be 33% each and so on.
PCQ seemed like it would do the trick. However, the fatal flaw was to set the Max Limit for the simple queue to 10Mb, the same as the line speed. Of course what happened is that the queue never reached its 10Mb limit because the line is maybe only 9.9 or 9.8Mb, so the PCQ shaping never kicked in. Yesterday I set the Max Limit on the queue to 9Mbit and voila! perfect shaping.
Now this may seem trivial but honestly in all my research I never spotted a comment around this. Maybe I read too fast. Hope it helps someone.
Check it out, it's a thing of beauty: