I'm well aware that a HCF modem is basically a hardware modem, its only missing its controller.
And did say in my experience.
I've owned 2 rockwell based HCF modems, they disconnected constantly, even when I limited the connection speed to 40k!. The only way to stop the disconnects was to disable v.90! I now own a Lucent based modem, which works perfectly, connects at 49k with 5.8k downloads and no disconnections.
At the store I work at we used to put rockwell HSF and HCF modems in the systems we built. (hey, they where cheap!) Nearly every one of the customers whose systems had HCF modems came back to the store to complain about disconnections, sub 56k download speeds even though they had 48k+ connects and constant "hangs" while surfing. We suggested they install the new version of Conextant's generic driver which didn't help in the least bit. We also tried having them limit connect speed (AT +MS= command) which did help with the "hangs" and improved throughput speed for some but didn't help the disconnects. In the end we ended up swapping the modems with a generic Lucent winmodem using Lucent's generic drivers. All the problems went away when we did this.