Another important factor in selecting a TRMS electronic device to be used on hacked up waveforms is the crest factor.
There must be a point where sampling the higher frequency components would not add much to the actual trms value. Given a carrier freq of say 20kHz on a PWM drive, is it necessary to sample frequencies as high as this? My guess is no but doing so would produce more accurate results. Also, the most energy is concentrated in the lower harmonics so sampling anything above the 7th harmonic say, would not produce that much more accuracy. I can't recall where the SIGNIFICANT energy is in the harmonics on a PWM (isn't it the third, fifth, and sometimes the seventh?).
Electricpete, Most digital overloads are not TRMS devices. But there are some available in a variety of price ranges. They involve DSP's or are performing complex math (at least for a microcontroller) or they may use an off the shelf IC like maxims line of TRMS converters. The limitation with these seems to be the crest factor (5 is highest I have seen). I haven't checked into the bandwidth of these either but I would imagine it is well above the highest energy concentration of the waveforms of most drives.