CH,
Cool graphics. Unfortunately it does not take into account key aspect of the problem - your both top drawings are not showing datum features B and C referenced at MMB (and they can't, because you used planar datum features B and C, which is totally diffetent from what is shown in fig. 7-54). In other words you simply got rid of datum feature shift effect (I don't know why), whilst this is absolutely essential to understand the difference between having and not having SEP REQT in fig. 7-54 and in the scenario with 4 "separate" holes.
Side notes (not related to the subject of discussion):
1. Since none of positional callouts on your picture is specified at MMC, per the standard you should not be using term "VIRTUAL CONDITION represented by each pin".
2. It looks like on your both bottom pictures there is a loose between gage pins and corresponding holes. This can't happen, because both pins have to expand until maximum contact with their holes is achieved - all because of the position tolerance value specified RFS, not at MMC.
3. Believe it or not, but there are some GD&T authorities claiming that specifying SEP REQT for both pins on the top right drawing makes these two drawings different in geometrical sense. Imagine that as-produced datum feature A is convex (within its form tolerance), so that the part can wobble when brought into contact with datum feature simulator A. This means there is more than one candidate datum A and in consequence more than one possible datum reference frame A, B, C. When SIM REQT is invoked by default, position of both holes shall be verified simultaneously relative to the very same datum reference frame. When SEP REQT is defined both holes can be verified relative to two different datum reference frames A, B, C, because the part can be laid down on datum feature simulator A (oriented to this datum feature simulator) in more than one acceptable way.