Speed signs had a few nice things, but it would have been a multiplayer nightmare - since the server would have to set the speed range brackets, and these change over time. If it were left client-side, then muchos desyncs!
Concept
OK... the concept: you have a long mainline with a mixture of freight, and passenger (pax) traffic. The passenger trains run a lot faster than the freight (especially when using, say, UKRS... where freight max is 92mph, and pax max speed is 180mph - normal rails).
So you put in passing places, and to ensure the freight goes into them, you put a waypoint in. And another, and another... and then setting up the freight routes becomes a tedium of click this waypoint, then the next, etc.
This is not how its done IRL... the signalman sees a pax train coming up behind a freight, and sees it will be delayed. So the freight is diverted off the mainline, and the pax continues along.
In OTTD we can set up the signalling to send a train into the bypass, and the only way to differentiate the actual trains, is to add the tedious waypoints. So you cannot tell what sort of train will take the bypass... one time it could be the freight, the next time its the passenger. And so, the signals on the exit cannot then be customised to prioritise the mainline, as you cannot tell which route is actually taking the faster traffic.
Introducing RouteMarkers
So here is where RouteMarkers come in. You assign a colour to your train (in the train information panel). So you may decide that "my freight will be dark blue, and my passenger will be yellow". Then at the decision point, you place a coloured routemarker that says "Yellow trains DO NOT come this way". And they will try not to. To ensure differentiation, also place a Dark Blue sign on the route you do not want the freight to take.
The RouteMarkers are a bias - not a hard-and-fast "YOU SHALL NOT COME THIS WAY"... if there is no better way, then the train will still take that route. However, you can add more markers to the route (in my example I have 3 Light Blues in a row!) to make it less-and-less friendly to that colour.
How to Add Markers
In the Rail toolbar, there is now a new icon on the end, with a sign with a red cross. This is the RouteMarker button.
Placing a marker is just like adding signals. It obeys the same placement rules, except it applies to all rails within the tile. So, to avoid confusing the pathfinder, place the markers carefully on multiple diagonal tracks.
The first colour you see will be a Dark Blue sign with a red cross. Click again, and again, and it cycles through the available colours. I have selected 10 colours, but what the selection is may change. When you reach white, the next colour is dark blue again.
You can press CTRL to have the marker change colour in the opposite direction. Use the Remove tool (or press R) to remove the sign in exactly the same way as signals.
Setting Up the Trains
In each train's information panel is a drop down where you can select the train's colour. This choice is NOT included in shared orders, as it may be the very thing you want to differentiate within. However, if you clone the train, then the colour is also cloned.
Let them rip...
Start them up, and they should start separating into the different coloured groups when they reach the signs.
-------
Many thanks to peter1138 & Dalestan for guidance/assistance on using the company colour redrawing to save on multiple colour sprites.
Most thanks to KUDr for his kind work on YAPF part of this patch, and general education on what I could and could not do to the pathfinders

-------
Have fun, and let me know how you get on!