Alright, well I do have this.
[MEDIA=youtube]C5DpmVH00O4[/MEDIA]
Same microphone, same power supply, same antenna, & the same meter.
This is on my Uniden PC68XL, as you can see the needle on the average reading meter moves forward under modulation.
You made some good points in your post Sonoma, perhaps someone can film a stock radio on an avg. reading meter @ 12.1 volts, I don't know how but when this radio was serviced I found a 2sc1969 Final Output R.F. Transistor was installed.
(Is that a factory deal or is the 2sc2166 the oem spec part? thanks).
Without an 'oscope probe I cant show you the waveform, modulated carrier or measure peak voltages.
I don't have a stand alone modulation combo/power meter like paradynamics makes, that's why I have the scope, im just about to finish building the rf sampler, then i need a probe, and bnc jumper cable and i can get some peak readings for this thread (still using the 12v xbox p.s.u. for the radios).
I'm not going to give up on my 29 Plus, i'm currently looking for more D.C. power, 13.8v @ at least 5 amps. I still need to open it up, without a de-soldering pump it may be neigh impossible to get at the switch without destroying the front (led) pc board.
I noticed a faint response on the last audio check. 
