Good Morning All,
Well I got home to find the transmitter shipped as promised. Upon opening the package I found the transmitter along with a small microphone. Peeking through the air vents on the top I could clearly see that modifications had been made to the circuit card assembly as there were components that were "roached" on.
Deciding not to open it up I connected it to a TenTec power supply that I use for my amateur radio gear. I used an iPad as an audio source and compared to the unmodified V.5 the results were astounding. Listening to a receiver close by with no antenna connected and at 6 kHz audio bandwidth, the playback was very smooth to the ear. The music selection was an early Beatles album.
Keep in mind that this evaluation is not scientific and I made no measurements with test equipment. But that being said, for those who are not inclined to solder and cannot afford the higher end transmitters like the Rangemaster or Procaster, the modified i.AM V.5 is well worth the $249.
I will evaluate range later on.