You *can* hook up your Eico 720 Tx and see its CW rise and fall times and perhaps use that information to dig into the radio and improve it.

In SSB mode you can see the effect of the K3 Tx EQ and speech processor as it relates to peak-to-average power.

And as you say it provides PWR and SWR indications. With multiple indicators (K3, P3, LP-100A, KAT500, KPA500, ...) you can pick the one you like the best -- or worry about the slight discrepancies in their displays :-)

And, who knows what future enhancements might come along...

73,

Lyle KK7P (who is not aware of any enhancements at this time, but is cognizant of Elecraft's track record in this regard)

Now that I have the P3 TX Monitor I am wondering if this is anything more than 
a mere light-show for entertainment...
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