edmarshall I really appreciate you dredging it back up and answering it fully.
Not a problem! We are very keen to ensure that iolite is not a "black box" and that interested and inquisitive folks such as yourself can really drill down into what iolite is doing. And if you find an error, or a better way of doing it, we can incorporate those changes and make iolite better in the process 😃
I would agree with the equation you show for Li, which is just the count rate of the sample divided by the sensitivity of the RM (this is the same as dividing by the slope in the more traditional calibration curve approach), and then multiplying this by a sensitivity ratio for the Int stds between the RM and the sample. I would just rearrange it to:

to make it clear that you're dividing the count-rate by the sensitivity and then multiplying that by a correction factor... but it's exactly the same as the way you put it.
edmarshall In the old trace elements DRS they were calculated from measurements of a single RM, and then (if I understand correctly) the sensitivities at each time point are given by a chosen function (spline, linear fit, mean, whatever).
Yes, this is correct.
edmarshall in the new 3D trace elements DRS, the sensitivities are produced from linear concentration-intensity fits of each block of standard data (if the fits are forced through zero, then the sensitivity is the slope of the fit line).
You are correct that the sensitivity is the slope of the fit to the RMs, but this is always the case whether the fit is forced through zero or not. Remember sensitivity is just the slope of the line in the tradtional calibration curve plot: steeper line means better sensitivity and vice versa. I tend to avoid the confusion between "sensitivity = slope of calibration plot line" vs "sensitivity = R / c" by referring to the latter as "yield". They're the same if you assume zero intercept and use a single RM, but if you're using a fit to multiple RMs, it's the slope of that line.
edmarshall These fits are then extrapolated through time (using splines, linear fit, mean, whatever) allowing sensitivity to be calculated from the fits at each time point.
💯 We interpolate the slope and intercept of the calibration plot so that at any point in time you could reconstruct an interpolated calibration plot.
edmarshall this means that essentially the 3D trace elements DRS is creating sensitivities for each element by averaging together (well not really averaging, fitting is not averaging-- but not sure what to call it) the sensitivities of several different standards. This is a super cool way to do it!
Yes, exactly. Fitting a line to multiple RMs is what I would describe it as.
The only wrinkle in this approach that is (slightly?) ignored by previous attempts at multi-RM calibration for LA-ICP-MS is that your calibration curve may be affected by the different ablation properties of your RMs. For example, if you use NIST glasses and basalt glasses, as we did in our paper, you can see very slight differences in the yield of each. There's a yield correction built into the calibration curve where you select a primary RM and then all the other RMs yields are adjusted relative to that, but it might not be necessary if you're using all the same matrix type RMs and discussing that correction could perhaps be another post by itself!
Thanks for asking probing questions, and thanks for the heads up about the equations in the Note.