Link to manual:
http://www.hobbyking.com/hobbyking/store/uploads/53173001X600367X17.pdfIt has a simple yet complete LCD screen setup, multi-model (20?) memory, expo, dual rate, subtrims, channel display bars, throttle curves, all common model types, switches or pots can be assigned to channels, etc. Comes with PWM firmware, but PPM firmware is available. I really like the setup. Large text and easy to understand. The trims beep when you move them, and the beep tone changes too. No failsafe that I could find. It only does PWM, but when you turn the transmitter off, the pulses stop, so you just set up failsafe in the FC.
Sticks are lightly springed. No throttle ratchet. There is a mode setting in the setup, so move the spring to the other side, change the setup, and you have a mode 1 transmitter if that is what you want. Tx takes 4 AA batteries (6V) and alarms at 4.2V or less, so it should be OK with NiMh/NiCd. Rx can take 4.0V to 6.5V. Tx has a bind/lowpower button. Comes pre-bound.
I read somewhere that you can use the tx with a WLToys V929 LadyBug.
It has a dropped packet "error %", tx battery volts, and rx battery (BEC) volts displayed on the transmitter. I walked tx out about 250m (edge of flying field) with airplane on a wooden table and sometimes the error % got as high as 80% with my body between tx and rx. Holding it normally and facing the aircraft it was about 50%, but there were active RC tx's close to the airplane. Holding the tx up in the air, error dropped to about 25%. I flew it very low out to edge of field for a whole flight, and did not notice any control lag, motor dropouts, or glitches.
I think this radio works fine except probably for long range FPV. You would probably want the full range receiver ($12 + shipping) for that. I got this to make a quadcopter for a friend, but I am thinking of buying one for myself.