Here are some interesting insights into the Theoben system by Gerald. M. Cardew in The Airgun From Trigger to Target. By the way, both of Cardew's books are available from scribd.com.
Cardew spends quite a bit of time on the problem of piston bounce.
"If, however, it were possible to stop the piston from travelling backwards, this wasteful expansion of the air would be avoided and more energy would be imparted to the pellet... Theoben partially overcome the adverse effects of piston bounce by fitting an inertia piston inside the main piston of their gas ram rifles... When the rifle is cocked the inertia piston is pushed to the front end of the piston and is held there by the '0' rings. Immediately the piston is released and starts moving forwards the inertia piston, being fairly heavy, tries to stay in its original position relative to the outside of the gun, allowing the main plston to move over it. But, by the time the main piston has reached the front of its stroke the inertia piston has changed its mind and is moving forward too, Just In time to meet the main piston coming back as it bounces off a cushion of compressed air at its front. This sudden extra thump administered to the main piston by the inertia piston has many benefits, it increases the overall efficiency by reducing the piston bounce; also the main piston. can be lighter than normal which reduces recoil or more correctly the jerk of the rifle. There is another important factor in this system, the small hole drilled through the centre of the inertia piston allows air to pass in a controlled manner from one side to another. The size of this hole IS crucial to the correct working of a system which, although appears simple, is in fact mind blowing in its complexity,.. " Page 42
He also discusses piston seal design.
"Theoben Engineering have taken the concept of the plastic piston head a stage further with their Zephyr head. Its outline follows the normal design of a plastic head, but it has a number of shallow grooves cut into its front face radiating out from a shallow depression which matches the entry to the transfer port. As the piston completes its stroke, the air remaining in the cylinder is guided to the port increasing the efficiency of the system " Page 54
The HW90, like the HW35, embodies a lot of airgun history. We can be thankful that Weihrauch still produces these classic designs.