Hi Ignacio,
Thank you for uploading these images.
the THELI data reduction appears to be significantly better
I don't think so. Of the two images that you have uploaded, the image generated by PixInsight is much better IMHO. The other image lacks structures at the one-pixel level; it looks as if a low-pass filter had been applied to it. This is probably the combined result of different (worse, IMO) debayering and interpolation methods. The following screenshot compares both images side to side.
By applying a low-pass filter to the PI image, the "smoothness" of the THELI image can be easily emulated. This is a quick example with wavelets:
Finally, the THELI image has strong aliasing artifacts that are absent in the PI image. These artifacts are the result of a wrong interpolation algorithm, or of a poor implementation. I have marked a couple of these problems on the following screenshot. Once you know where the green circles are located, look at the same regions on the first screenshot and compare with the PI image.
Regarding star shapes, the PI image has more Gaussian star profiles (as expected from the integration of 25 images), while the stars on the other image tend to be better fitted with Moffat 4 and Moffat 6 functions. In this regard there are no significant differences in my opinion, however.
Theli offers several ways of interpolating a registered image. I just tried the default one (lanczos3), and there could be others that blur less.
If correctly implemented, the results of the Lanczos-3 algorithm should be very close to the best result that can be achieved by interpolation in terms of detail preservation and minimal aliasing. Please note that PixInsight also uses Lanczos interpolation (also Lanczos-3 by default).
I still think that tracking the "sensing quality" of each pixel for each sub makes sense
I also tend to disagree here. In my opinion, image weights must be based on quality estimates computed for the whole images, not for individual pixels.
the banding noise in the PI image is much worse than the THALI image
This is true. The only reason that I can figure out is that THELI has applied a banding reduction routine as part of the preprocessing task. This is not the case with PixInsight's standard preprocessing tools. To reduce banding, you have to apply specific tools in PixInsight (e.g. Georg Viehoever's excellent CanonBandingReduction script).