Oddly, I was thinking about movement/time systems on my drive home today and am working on the skeleton of a blog post.
My problems with activity point accumulators are:
1) You may need an accumulator per-creature, per-activity capability (locomotion, manipulation, sensing) which can quickly add up given sufficient NPCs.
2) They can often interact oddly with 'rest' actions, or else require complicated algorithms to determine how much surplus activity can be stored before use.
My solution is based on probabilistic tick-scheduling.
Basically, you use whatever appropriate speed applies to an action (may be calculated on a case by case basis) to schedule on which future tick the even will occur, but you keep any fractional tick stored with the event. So, for an action of length "2", a character of speed '1.0' would schedule it for NOW+2 and record "0" as the fractional tick of that activity. Another character of speed "0.9" would also schedule for NOW+2, but would record "0.22" as the fractional tick.
[Note that you can choose to scale speeds so that the player is always speed '1.00' for convenient turn-based play.]
An initial approach might just sort based on the fractional time and execute actions sequentially. I don't like that because it makes an activity of length 2.0 always take twice as long as an activity of length 1.9, while 1.9 and 1.1 occur with the same frequency. This becomes especially noticeable during chase scenes and leads to an artificial importance on doing whatever is needed to 'crack the next numerical boundary'.
A better approach will roll a random probability for each activity with non-zero fractional tick. If the probability is greater than the fractional tick, the activity happens, otherwise it is rescheduled (with 0 fractional tick) for the next round. This can fairly simulate sub-tick speeds within a tick-based framework, and works pretty well.
But wait... this can still lead to statistical weirdness when slower critters get lucky while faster ones get unlucky. Fairness is only guaranteed over a long interval, and unfairness over even a short interval can lead to perceptions of wrongness or untimely death. Fortunately, there's an even better tweak that, coincidently, makes things simpler.
Every tick, generate a -single- probability roll that is compared against every fractional action potentially occurring that tick. This both saves wear and tear on your RNG and guarantees that a faster critter never ends up acting slower than a slower critter. They may go neck and neck for a while, but the faster critter will eventually break away/catch up.
Another nice benefit of this technique is that is allows arbitrary precision in your speeds without requiring arbitrary precision in your ticks... you just need the single probability per tick to be generated with sufficient precision to discriminate between the speeds.