Grainger, I know that this is an old thread, but I would like to chime in here. I too, owned a PS300, and like you, noticed big differences with it 'in circuit'. Later on, I sold it(big mistake) and bought a PS Premiere. The new unit had an analyzer built into the display. In my case, incoming harmonic distortion was at 3.5% Output showed about .3% if I remember correctly. Of course, both units have quite a few variables with the waveforms (very cool), and that affected the efficiency of the equipment.