Just received my N2. I did have to adjust the AMC pot because it was too far down and the peak modulation was dropping off too soon. Now the modulation holds at it's peak until unkeyed or a long pause.
Here is a clip showing the deadkey after adjusting. The factory settings were peaking over 250 watts PEP and a low deadkey around 10w to 80w. Never could dial in a 25 watt deadkey and 200 watt PEP out of the box.
The first part shows the meter on average power and the low power scale. Notice the SWR isn't 1:1 so you have to subtract the reflected power. This is true with all meters, you have to subtract Reflected power from the Forward power to get the true power reading. The low deadkey is about 25w after subtracting the Reflected power.
The 2nd part has the meter switched to high power and Peak power and shows right about 200w after you subtract the Reflected power. After a little adjusting with the AMC, I got a nice 4:1 deadkey/swing ratio.
The RF power knob ended up in the 9:00 position.
Note: the camera is looking up at the meter at an angle so the readings appear slightly higher than what they really are.