Same here, Jim.
I've noticed the AGC isn't incredibly 'hot' on my PR-D5. But there's definitely no soft-muting, which I do have on one SiLabs chipped radio, the Radio Shack Pocket Radio, where weak signals cut down by about 3-4 db, and it's at a definite threshold that it happens. On the PR-D5 the signals will dip during fades, but it's not soft muting.