Hi Joshua,
I have 2 Physcopsis and each of them are exhibiting different characteristics of growth. My healthiest one, the bloomer, is a noid and her new growth looks much like yours. I wouldn't call her new leaves floppy but there is no pseudobulb yet. She's potted in a small open weave basket and her potting medium is kept slightly moist, but never soggy.
My other psych. has been pretty much of a headache since she was delivered, but she has shown improvement since being attached to a mount. The decision to mount was my last ditch effort to get her to grow. Since being mounted she's made 2 attempts at new growth. The first one rotted, but the second one survived although it's not much to look at. Both leaf and bulb look healthy but stunted in growth.
I wouldn't worry much about the lack of a pseudobulb. It should form eventually as the growth matures. Do keep tabs on the 2 black spots at the base of your new growth and treat them with something if they enlarge. It's always better to be safe than sorry.
