As expected Lee.
150k particles is EXTREME.
Without the regulator, your game framerate would drop to 0 fps instantly!
The way it works is, it chops off 10% of total count each frame, until it detects minimum designated speed.
eg. if it were 100k particles, this stabilization would happen quicker.
Keep in mind, when you build a game, you should not be depending on the regulator to provide max particles to your end users.
This is simply an emergency cutoff to prevent instantaneous frame locking.
Typically, you wont even use the regulator at all, because using it will create more unneeded computations.
The regulator will be an option you will use as a programmer, in situations where you dont know whats causing a game to lock fps to 0.
That said, its a debugging tool as opposed to a performance feature.