Dozy,
To be sure we are communicating effectively, look at figure 5 in this reference
http://www.jaa.nl/secured/Operations...eter%20TGL.pdf
That is what I am calling a counter-pointer altimeter. The ones that I flew with omitted the last two (static) zeros on the display, but I trusted my indications well enough to fly near the water behind the boat on an ink well night without an operational radar altimeter.
This same basic display has been replicated digitally on some PFDs and works almost as well as the real thing.
Your last assessment of PF's performance is actually very close to my own with the exception that you have completely omitted the effects of the initial overcontrol induced roll PIO on PF's mental state.
Since so few pilots have any actual experience with the subject of PIO (and my own is minimal but not zero) they have no concept of the experience, but to me it was an eye opener.
What both AF447 crew members badly needed that night was to understand just how badly they were off altitude, then the airspeed implications would have been obvious.
They did not need rate based displays so much as a clear presentation of total altitude error in a manner that they could easily absorb under the stress of the moment.