It is not reading the pressure per-say, but the pulses as masses of air are traveling past the sensing element. Every time a valve opens, a discrete pulse travels back up the intake track. Engine designers spend a lot of effort tuning the system to be optimized for a specific RPM band on a given motor. When the intake pulses are aligned with the resonant frequency of the intake system properly, you get a supercharging effect (usually where the motor's peak power is made). Conversely, it will do the opposite when the pulses are 180 degrees out of phase with the natural frequency. Being a dynamic system, the intake pulses are only optimized for a narrow RPM range. A lot of newer 4 cylinders have a double intake track system with 2 sets of "pipes" of different lengths. This allows for 2 different target performance peaks. The E36 M42 uses one. Some fancy new BMW motors in the 7 series have an infinitely variable length system to keep the pulses optimized at all engine speeds.
The M42's (most 4 cylinders actually) have resonance issues because each intake pulse happens independently. On a 6 or more cylinder car, the intake pulses overlap causing a little bit of a damping effect. The issue with the MAF conversion is that the MAF is ridiculously sensitive so these effects and needs to be compensated for properly. The stock AFM is not nearly as responsive, which sucks for driving experience, but is a really simple way to bypass these issues.
These pulses are easily detectable throughout the entire RPM band, but only cause interference between 2500 and 3000RPM. Everything runs well outside of that band, but when the throttle is opened more than 80% in this range the car bogs. Actually, if you ease onto the gas in that range (nobody really floors it there anyway) it accelerates just fine. I just want to have it worked out before selling it to avoid having to tell people to take it easy on the gas there. Then again, it may be completely unavoidable. Most people say this is an acceptable "limitation" (easing onto the gas at low RPM's versus stomping it...seems reasonable).