Chemically regenerative redox cathode (CRRC) polymer electrolyte fuel cells (PEFCs), where the direct reduction of oxygen is replaced by an in-direct mechanism occurring outside of the cell, are attractive to study as they offer a solution to the cost and durability problems faced by conventional PEFCs. This study reports the first detailed characterization of a high performance complete CRRC PEFC system, where catholyte is circulated between the cathode side of the cell and an air-liquid oxidation reactor called the “regenerator”. The catholyte is an aqueous solution of phosphomolybdovanadate polyoxoanion and is assessed in terms of its performance within both a small single cell and corresponding regenerator over a range of redox states. Two methods for determining regeneration rate are proposed and explored. Expressing the regeneration rate as a “chemical” current is suggested as a useful means of measuring re-oxidation rate with respect to the cell. The analysis highlights the present limitations to the technology and provides an indication of the maximum power density achievable, which is highly competitive with conventional PEFC systems.