This is actually a very interesting question. Diving both SP and Atomic, I'd have to say that the technology advance favors Atomic. Why?
New SP regs are designed to be dived with the Dive switch in the Dive position (Duh). That is, full open (with the octo perhaps left in Pre-Dive throughout). That wasn't always the case. When we were taught to tune the G250 (that did not have a "handle" on the venturi adjustment), we were taught to tune the vane so that it would spontaneously stop freeflowing after a second or so. Full open would yield nonstop freeflow with a bang on the purge button (as it should), and of course full "closed" (pre-dive setting) would not freeflow at all, as increased turbulence inside the case from the vane position prevented negative pressure from developing.
In the current SP regs, the only adjustment in the manual other than full on/full off is the positioning of the vane itself (done by the tech). With the cutout in the vane facing toward the mouthpiece (what SP calls the "rental" configuration), the reg still will not freeflow, but will generate slightly better flow in the dive position than in Pre-Dive. In the opposite configuration, the reg will freeflow with a brisk tap on the purge button in the Dive position.
What's the point? At significant depth (>80 ft), air density has a greater effect on airflow. The larger number of molecules passing through the case creates a greater vacuum with the venturi in Dive position, helping overcome greater air density and keeping the valve open. Whether or not it actually shifts over to positive pressure during a breath is known only to the ANSTI machine. I haven't been deep enough with an S600 and sucked hard to see if I could trigger crossover. But the point of the G250 procedure was to "tune" the vane to be just short of freeflow, in preparation for greater air densities. That's no longer needed with the new shape of the S600 vane with its cutout, and it's redesigned case.
With Atomic, and a retractable vane, they've attempted to get the best of both worlds. At the surface, with the vane full out and the Atomic mouthpiece in place, the reg may just freeflow with a brisk tap on the purge, but usually not. Without the mouthpiece and its slight orifice restriction, the reg will of course freeflow, as it should. But at depth, the Atomic vane retracts halfway, decreasing turbulence and allowing greater flow. This preserves flow characteristics as air density increases.
IMO, the breathing characteristics when comparing the two brands depend far more upon individual second stage tuning. If you set cracking effort the same for both regs, I doubt I could tell the difference at the surface. I love the flow of my T2x and T3 at depth (same reg, really), but haven't done a direct comparison with the S600 series.
Rather than Venturi differences, Atomic's advantage to me lies in its seat-saving orifice, and the composition of the LP seat, which resists imprinting and detuning one year into a service interval. Others really dislike that the valve is open when unpressurized. IMO, you just have to be aware of the feature, when soaking your regs.
Performance-wise, it's very close. Consistency between services clearly favors the Atomic, IMO.
My 2 cents.