Well I don't know for sure, but the displayed temperature on the Nest would only update every few minutes. My independent measurement showed that it had reache

Well I don't know for sure, but the displayed temperature on the Nest would only update every few minutes. My independent measurement showed that it had reached the setpoint about two minutes before the Nest updated its reading (to show that it had overshot by several degrees). It's possible that the Nest is trying to reduce the cycling, but if that were the case, it shouldn't affect the displayed temperature.