LP-700 is a digital station monitor which displays detailed information about the transmitted signal of a station. It displays the sampled signals in numerous formats including Power/SWR, various oscilloscope type displays and a spectrum display. The sampled signals are obtained by demodulating the RF,  like in a traditional wattmeter, and should therefore work on any frequency for which there is a suitable directional coupler with the appropriate voltage scaling and time constants. It should be noted that demodulated samples are audio frequency based and not the same as RF samples. With some types of modulation, the demodulated audio is not a linear representation of the modulation signals, therefore the spectrum display works quite differently than a true spectrum analyzer. This doesn't pose a problem for AM signals, where the demodulated audio is faithful to the modulation signal, but is a challenge for SSB and other signals without a carrier. For this reason, we have developed special test signals which allow for some traditional SSB tests to be performed, although the tests cannot be directly compared to measurements from a true spectrum analyzer. In many cases, though, similar information can be gleaned from the tests, and they can be used for comparative tests to see the effect of changes to the transmitting equipment

http://www.telepostinc.com/LP-500_QST_review.pdf