John and Jeff, I believe that BOTH of your statements are correct, but there are several factors that muddle the issue.
5 cm/s lateral velocity corresponds to 3.54 cm/s at 45 degrees, meaning 3.54 cm/s in each channel, as Jeff indicated. Also, however, 5 cm/s peak in a given direction corresponds to 3.54 cm/s RMS in that same direction.
See the photos of the labels of CBS and JVC test records near the end of
this thread, and also see some of the preceding posts. The 1 kHz test tones on the CBS record are clearly indicated on the label as being at 3.54 cm/s RMS at 45 degrees, which corresponds to 5 cm/s peak at 45 degrees. The JVC record is also marked as 3.54 cm/s at 45 degrees, but with no indication as to whether that is RMS or peak. Measurements cited in the thread indicate that figure is peak, implying only 2.5 cm/s RMS, which is 3 db less than on the CBS record.
So comparing apples to apples, and using peak figures at 45 degrees, John is correct that CBS is 5 cm/s and JVC is 3.54 cm/s. Which leaves open the question, however, of what a cartridge specification is referring to if it refers to "3.54 cm/s." I have no particular knowledge of that, but it wouldn't surprise me if some manufacturers are referring to 3.54 cm/s RMS per the CBS record, corresponding to 5 cm/s peak, while others are referring to 3.54 cm/s as marked on the JVC record, which is peak and therefore only 2.5 cm/s RMS.
Fortunately, though, the difference is only 3 db.
Best regards,
-- Al