The sensors actually send data to the console every 14 seconds. The console updates every 16 seconds. During those 14 seconds the sensors are continuously monitoring and storing max wind and rain and temperature...etc. So you don't miss data because of 14 second updates to the console. You could say that compared to a Davis it doesn't have as many data points though.
The HP2551 display's advantage is that all of the live data visible without need to press any buttons. You see rain rate, daily rain, event rain, monthly rain, yearly rain. The same applies temperature, daily high/low, feels like, dew point. Same thing with wind data. With the WH3550 there is less data visible and you have to press buttons to see more. But the WH3550 does have the advantage of the little graph. But it is a graph for only one sensor at a time. Again you have to press the graph button to scroll through the graphs. But the HP2551 also has all the graphs...they are full screen graphs and you scroll through each one individually. For me the HP2551/WS-2000 display is worth it because I never have to press buttons unless I want to see the graphs or tables (yes it also has data tables). There are more differences but those are the biggest differences between the actual display and how you interact with them. I came from the WS-2902A and I just found it so annoying to always have to press buttons on it. When I upgraded to the WS-2000 (same as HP2551) I was very relieved. The one disadvantage to showing all the data without requiring button presses is that every number has to be made smaller in order to fit so much information on the screen, so you have to come closer to see things from across the room.