I've got a riding buddy who's generally stronger than me, though he outweighs me by about 26 pounds. He has a power meter, while mine is still in shipping. We went out to do a tempo ride "together", him riding by power, me by RPE, over mildly hilly (a little more than rolling) terrain.
After our warm-up, we were both trying to ride a more or less constant power(though I was probably being less precise). I noticed a few interesting things:
1. Riding downhill, I either had to go way above my target RPE to hold my friend's speed, or draft. Subjectively, it felt to me like he surged hard at the crest of every hill. But, if I peaked over at his powertap display, he was putting out similar watts both uphill and down.
2. Riding uphill, I naturally drifted away from him, while (as far as RPE goes) keeping my effort steady as well.
I don't think it really occurred to me until today that two riders can be quite evenly matched, in that they're able able to complete a given course at a similar intensity and average speed, yet almost never see one another except at the start and end of the course! Imagine if we had been riding over a long, steady uphill, then a long, steady downhill to the finish. My partner wouldn't have seen me from the start to the midway point, and then would have made up significant ground on me downhill. (Cue RapDaddyo to start in about VPP in 3... 2... 1... 😉)