From my experience with two different TV/TT pairs, both using the E2, my  conclusion is: E2 adequate and effective; Equalizer just a little bit better. If I were starting over I might consider the Equalizer for the heavier Camplite, but the E2 is quite adequate for the Pods. I've had no sway problems with either of my two rigs using the E2. 

I used the E2 with my pod and with my prior Sienna and then a Suburban.  Loved the ride improvement and sway control.

The E2 provides weight distribution and sway control so you no longer need the friction device. The E2 does make some noise, but I like it. It's not objectionable and I know it's working. The E2 won't buckle like friction devices so there's no need to disconnect it before backing if properly installed.

The dealer recommended the E2 for my configuration. Jeep Wrangle Sport pulling Pod 171.
On my trip from Ohio to Virginia I had several big rigs blow by me like I was standing still and not once did I feel a sway. I actually was not paying attention to what was behind me one time and that's when a big rig just sort of appeared in the side window. I did not feel his approach, so that is probably the best gauge of apparent vrs. perceived sway. I had two really long downhills and also did not feel sway.

You are correct that the friction surfaces are metal to metal. That make for some noise that bothers some folks, but it tells me it's working and only occurs when making very sharp turns! I've used the same E2 for thousands of miles with no sign of wearing out.