At $699, the Panamax M5400-PM is a mid-priced power converter that comes with many of the cool features that you will want when assembling a high-performance home theater system. Most notably, the Panamax AVM (patent pending) technology shows the incoming voltage as well as the outgoing voltage, as if you needed more proof that the AC coming in through the wall was a mess (thank you, Washington, for not investing in a new power grid). At least the Panamax M5400-PM is doing something about it, right? The Panamax M5400-PM is a capable surge protector and AC line filter. Like most AC power conditioners in its class, it is able to remove noise and create a quieter noise floor.

High Points
• The Panamax M5400-PM has five isolated outlet banks, so there is a reduction (or elimination) of interference between demanding components like amps and less demanding components like Blu-ray players.
• All in all, there are 11 outlets on the Panamax M5400-PM.
• There is a USB charger for MP3 players, phones and other peripheral devices, which is a very thoughtful addition.
• There are two high-current outlets specifically designed to accept inputs from power amplifiers.
• There is an AC receptacle on the front of the unit, which is yet another considerate design feature.

Low Points
• At this price point (or at least near it), one could make an argument for battery backup.

Conclusion
When it comes to component-grade AC power conditioners, Panamax has quite a nice little product here. They clearly are thinking out of the box when their engineers meet with the marketing department, because it's obvious that they are looking to add any and every feature they can at the price point to make their power conditioner relevant. Without question, Panamax has succeeded with the M5400-PM.