Just for more frame of reference my son is 36" and 32lbs (90% weight and 85% height) at just over 2 years old. I just moved our Peg up to the 7th position, but the straps are just barely at his shoulders....so I imagine he will still get at least 6 more rf months out of the seat, which I am really happy with.
He's a big dude, and making it close to 3 rf is wonderful.....most seats wouldn't have given us anywhere close to this much time. A few years ago (in Canada) there would have been basically no options.
I'm pumped at the seats on the market today, and consider the Peg an awesome option for parents as it gives a LOT of rear facing time. Will it take the majority of kids to 4 or 5 rf? Probably not, but 99% of parents aren't looking for that, and when encouraging parents to rear face to the limits of their seat...this one will keep almost all kids rf'ing well past 2, and lots even longer....which is awesome!