I have relpied to this question before and alot of folks tend to have issues with what I say.
First off, I am no engineer on lubricants. I am not a expert. I do work at a plant that builds racks and pumps for several manufacturers. Mostly small cars but we do build a few pumps and racks for some SUVs and performance cars. I work in the QA dept. The pumps we build are the vane type.
We use either Nissan PSF or Dexton ATF depending on what we are doing. During the production testing of the pump, we use ATF or PSF depending on what we have at the time. We have switched a few times in the 9 years I've been there. Don't really know why we switch-most likely cost.
If QA is doing a durability test, we always use the Nissian PSF. During the test, the pump is repeatedly taken to relief pressure. This stalls out the pump and heats the oil up bad. From the MSDS sheets I've looked at, the PSF has a higher flashpoint and it most likely holds up better in the high heat ranges the test requires.
Funny thing is, if you call the individual car manufacturers-they individually will all give the same answer. Use only {their brand PSF}.
I beleive that in alot of cases, ATF will work fine. I've used in in my older GM and Ford vehicles for a long time with no problems at all. On the other hand, if you really beat on your steering system {4 wheeling, road race/open track, and especially AutoX} use the best PSF that is recommended for your car.
In my Firebird, I have flushed it twice in 36K miles. I used Valvaline PSF. I will be going to Redline most likely. I play hard with the Firebird and the oil tends to foam when run hard, also gets pretty hot.
I figure that with a regular car that is driven to the grocery store and back and forth to work, ATF would work fine for most vehicles. Just do some research on your car as some do require different fluids {Honda for example}. JMO.