I've used the PVEB without a problem. In my opinion, the 'B' stands for "Budget" proportional, as there is no error feedback or LED. Not having an LED is a pain. And since they look like a PVEO (on/off), it's easy to confuse the two especially if they're nearby in the same block. Which can make Bad Things happen if the connectors are accidentally reversed or mechanics install the wrong (but identical-looking) valve. Don't ask me how I know...
I wish the Danfoss documentation would include the ideal PWM frequency as well as an acceptable PWM frequency range for this and all their proportional valves.