PICVs differ from traditional control valves in that they combine the functions of a standard 2-way control valve and a balancing valve in one valve body. This allows them to regulate both temperature and flow, maintaining a constant flow to the coil regardless of system pressure changes. In contrast, traditional control valves only regulate temperature and require separate balancing valves to maintain optimal flow rates. This makes PICVs a more comprehensive and efficient solution for HVAC applications.