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What do people know about the Telex PC-4 or NAT AA80-001? They
seem to do more or less what I need. A more intelligent squelch setup,
and music in to boot.

We had a couple of planes in our club that had NAT AA80 intercoms (they
were a favorite of our avionics shop). I had no problem with them. Nice
solid well-performing units. The only reason I have a PS Engineering over
the NAT is that crew isolate was important to me.