Regarding the "no pressure" thing, here's what happened:
I put the new cap on at the dealer, drove home, opened the hood and noticed the expansion bottle right on the verge of frothing over with boiling coolant. I sqeezed the top hose and found no pressure. I mean absoutely zero pressure, the top hose was slack.
So I removed the cap, let it cool a bit, put the levels in both the radiator and the tank back to normal while fast-idling it up to temperature, replaced the cap, burped it out, and let it cool again.
Took it for a drive, pulling over every quarter mile or so to keep an eye on things as I built heat into the system. The frothing was gone and a small amount of pressure began to build (approx. 5 psi), but as I began to ratchet up the throttle application between stops, the bubbling described in my original post re-appeared.
In essence, I appear to be back at my starting point.
My Impreza manual calls for a 16 psi cap and that's what's installed, but I'm not feeling 16 psi (squeezing by hand) pressure building in the top hose (based on what I've felt on every other car I've owned). This defies explanation, as does the frothing episode.
What's next? Hydrocarbon sniff test I reckon?