In reply to:

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I think my old Alpine HU used to store station name and PTY info instead of Frequency, so It could look for the station name or the same program type if it couldn't find the station you wanted.

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It actually stores a PI code that is unique to each station. That's what the headunit uses when it scans the AF lists to check wether it really is the same station and not a different one that happens to be on the same frequency in another location. The only time I've had my old headunit track a single station is when I'm either listening to it with AF on, or tuned to it and playing an MD instead. The radio didn't store the new frequency so when I pressed the preset button it would tune back to the old one.

I would say the behaviour of the empeg is correct in that respect...