Hopefully, PATH will have on weekends separate Journal Square direct and Hoboken service a la weekdays, to eliminate the Hoboken stop going to JS. I doubt this will happen.
The current plan they have released does not do this; it maintains the existing weekend pattern.
Never knew about the school bus thing! I always walked.
From what I've seen it can be pretty slow when traffic is bad. I've gone through Newark Penn countless times and always just walk.