I did a bit of reading after going over the posts above and my original choice of standard electro-thermal actuators on the manifold seems to have one big disadvantage. Although the power consumption is "only" 2-3w per actuator, they take about 5 minutes to open! You can get more powerful actuators but even these take about 3 minutes and since I have made the house to be on the low side of thermal mass with a low mass UFH system to have speedy reaction times that is not helpful at all. They will obviously also take 3-5 mins to close which means more chance of a yo-yoing temperature.
FWIW from when I had responsibility for heating and A/C at my last job, if you have a very low thermostat hysteresis in the stats then I don't think it should be a problem.
From cold they do take a few minutes before they start to open, and from saturated hot they take a while to close. But in between they are actually quite responsive and if your system has a low enough mass, and you run with little or no hysteresis, then they will in fact almost modulate. The biggest problem we had was the original installation had mechanical 2-point thermostats without compensating resistors - so we did indeed get the problem you describe (stat clicks on, A/C fires up, stat stays on until room has cooled several degrees, stat clicks off, valve has now been open a while and so takes a while to shut, room undershoots even more, stat clicks again - this time to bring on heating, room warms up and cycle repeats

)
When we replaced the mechanical stats with electronic units, things were a lot better - well as "better" as it possible to be while trying to please an office full of (mostly) women who all want individual temperatures which vary during the day and by time of month, and all without making any noise or moving any air whatsoever

So if you are using electronic stats, I'd be tempted to set them with zero (or very little) hysteresis and I think you may find they work reasonably well. Certainly for the Honeywell valves we were using, the manufacturer said there were no cycling restrictions, so it wouldn't really matter if the stat went on and off with every little draught - unless it has an annoying click each time.
It may be worth setting up a trial installation in one room - you can get the electro-thermo-hydraulic heads for some types of TRV, so it should be fairly easy to do a temporary setup and see how it works. Where I'd see it being a real problem is if your heating isn't well matched to the room. Eg, if the heating needs to be on for long periods (undersized rad), then the valve head will saturate and take a long time to shut. Conversely, if the heating is too large (oversized rad), then even a small opening of the valve will drastically increase the temperature of the rad and hence the heat input - meaning the valve will stay closed a lot and take a long time to open.