I've been experimenting, and I came up with some strange results relating to loco speeds. As a result I decided to figure out what voltage is getting to my locos. So I took a few readings with my digital multimeter set to one of the DC voltmeter scales.
First of all, I put the voltmeter across the output of the Gaugemaster M12 transformer, which puts out 18 volts DC. The voltmeter showed 17.6v.
Next I put the voltmeter across the output of a H&M Duette set to full speed, low resistance, full wave. You'd expect to see 12 volts here, but my voltmeter measured 15.5v.
Then I put it across the output of the Aristocraft Train Engineer, which takes its input at 18v DC from the above-mentioned Gaugemaster M12. Imagine my surprise when I saw that the voltage is 24v. No wonder my locomotives shift like a bat out of hell on this controller!
There are some follow-up questions to this: Can I trust my voltmeter? What voltage do DCC chips supply to the motor? Can you get chips that supply more than this?