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I know what limited functionality is. I had an OG Droid for 2 years and had SetCPU throttling my battery down when I was low.
If this just reduces the clock speed without in any manner affecting the operation of the device that is not limited functionality it's genius.
Bionic to RAZR? If you don't care about the battery and want to stay as current as possible, go for it. Screen is better and you will be one generation newer in Motos products. Keep in mind that the Bionic was suppose to be out a long time ago and had huge delays.
I would expect similar glitches to what any of thes new high end devices have when the RAZR comes out though. My Thunderbolt had it's issues and so does my Bionic. I won't be jumping on RAZR but I'll grab a Nexus when it comes out and I don't expect it to be perfect but I trust Google more than Verizon to release bug fixes on a timely basis.
I normally try to stay current with the latest. The market for Thunderbolts and Bionics is still pretty good. A mint Bionic is still bringing 400 + on CL. It's normally possible to find someone who paid 299 on an upgrade and wants to make a 100 for what ever comes out new. 100 every 6 months or so to get something you want isn't cheap but it's not that bad either.
Current: Droid Bionic Rooted
Previous: Thunderbolt - Stock, Droid X - Rubix Focused 1.9
Moto Droid - BB V.04 Blue Energy W/ Chevyno1, Samsung Facsinate - Rooted