Computer compares the front and the rear sensor. If the rear sensor starts following the front sensor too closely i.e. if rear also switches quickly as the front, then computer knows converter is not doing its job.
Here is the rub; the threshold at which computer decides to throw the code, is set way too low. If the converter efficiency were to drop from 100% to 90%, the computer throws the code. However, your tailpipe emission as measured by FTP would have barely perceptible increase. In general, your van's emissions are less than tenth of the federal limit when it is running right. With the P0420 code constantly on, the increase in the emission would be still a noise in the measurement; it might at worse become ninth of the federal limit.
By the way, because of the way system is designed, bad sensor will NOT trigger P0420. A bad sensor does not switch fast. P0420 indicates fast switching sensor i.e. a working sensor.
If you really want to know everything about P0420, search under my name.
By the way, some manufacturers issued TSB and reprogrammed the computer to change the threshold i.e. Nissan did it on my 2000 Maxima. It does not work all the time as the code came back after a thousand mile and since I was within the 8/80K federal emission warranty, I got one converter from Nissan, gratis. Of course the other one went bad after another 30K but then it was no longer covered under warranty. Most vehicles will start giving P0420/P0430 at 70K-150K; some sooner some later.
- Vikas
P.S. Amazon sells some snake oil type converter cleaner. It is expensive but if you are going to spend $1000, why not try $30 solution and see if it really cleans the converter as claimed. The idea has merit and there are patented methods which are used to clean stationary catalytic converters although I am skeptical of it working on vehicles converter as the chemical has to survive the combustion process before it can land on the converter chamber. Please let us know if you choose that route.