As you say, uncharted territory, and interesting to see how it has played out.
The internal exchange market price has stabilised at the same price as the official blockchain price, meaning that SBD conversions are a gamble on future price moves. As STEEM has the larger market cap, SBD price has fallen - thereby, yet again, un-pegged from the US$.
With the open market price of STEEM at 30 cents, or so, it would require a +30% upswing to get out of this current stranglehold.
I never liked raising the SBD debt ratio from 5% to 10% - this current pricing mechanism was always there, but the reduced SBD print rate used to kick in at 5% so we never got to 10%.
The real problem now is that the ecosystem has nothing available that Steemians themselves can do from within the system.
Having said that, rewards in STEEM are astonishingly stable. This is the main reason Id like to see pending rewards shown in the native STEEM rather than a "$" that is not really a dollar.