I recently purchased this Panasonic RF-940 on ebay. The listing was vague and the picture quality was low, but it looked like it was in pretty good shape, so I used Buy-it-now and snatched it up for $49. I've only seen this model several times before and both times it went for over $100. I received it this past week, and I was in for a pleasant surprise - it is in near pristine condition, looks like its almost never been used, probably been in storage for quite a few years. The controls are 90 percent scratchiness-free and everything, including the backlight, works great.
It covers AM, FM, PSB-high (148-174mhz) and PSB-low (30-50mhz). Controls include Loudness, AFC, Squelch, Tone, backlight, and tune/battery indicator. It comes apart easily with only 6 screws, and upon dis-assembly, I found a 4.8-inch ferrite rod. Speaker is 4 inches in diameter. PERFORMANCE: On PSB High, I was able to receive a moderately distanced weather station no problem (162.475mhz), and I picked up a few local police communications. On PSB Low, I wasn't able to pick up anything, I'm not sure if there's any activity on that band around here anyways. Worth noting is that compared to my RF-1405 (which I sold a while back for about $150), the RF-940 is better at rejecting front-end overload when connecting my outdoor antenna - FM images plagued the RF-1405 while I wasn't able to hear a single FM image on the RF-940. So in the police band and weather band, the RF-940 is a solid performer. On AM and FM, I used 2 other radios for comparison - my similar sized Panasonic RF-935 and my much larger Panasonic RF-4900.
First the FM side. Raw sensitivity across all 3 units was very similar with a slight edge going to the RF-4900. If I were being really nit-picky, I'd say the RF-935 edged out the RF-940 oh so slightly, but that is splitting hairs. The results on selectivity are the same - the RF-4900 is slightly more selective with the RF-935 coming in second and the RF-940 a close third.
All 3 radios are solid FM performers with very little difference between the 3. Of course, the digital readout on the RF-4900 is nice, it is calibrated perfectly across the entire dial and is thus extremely accurate.
Now on to AM. The results here were surprising to say the least. In terms of raw sensitivity, the RF-940 wins by quite a bit, beating out both the RF-935 and the RF-4900. I tested several very weak stations, one at the low end of the AM band and one at the high end, and the results were the same both times - a signal that could barely be heard on the RF-4900 and RF-935 was very intelligible on the RF-940. So at least in terms of sensitivity, the RF-940 is a real winner. Now I only wish I had a legendary RF-2200 on which to compare raw sensitivity. In terms of selectivity and front-end overload, however, the results were totally different. The RF-940 is the least selective of the three units, and the only of the three units which at night suffers from from the 10khz whistle tone from adjacent stations. This can be drastically reduced, however, by turning off the loudness control (which applies both a bass and a treble boost). I have only one local AM pest - on AM 1480, and on most radios, this causes images around AM 560 (which, there's also a moderately-distant AM station on 560). The results here were surprising as well - it was actually the RF-935 that won, and by a large margin. There was virtually no trace of AM 1480 heard on AM 560, and the station I pick up on 560 was coming in loud and clear. 1480's image could be heard on 560 on both the RF-4900 and the RF-940, with the actual signal on 560 being somewhat audible underneath 1480 on the RF-4900 and nearly obliterated on the RF-940. So in terms of selectivity, a slight edge goes to the RF-4900 followed closely by the RF-935 and then the RF-940. In terms of front-end overload rejection, the RF-935 comes in first followed by the RF-4900 in a distant second and then the RF-940 closely behind the RF-4900 in third. In terms of sound quality, all three radios sound quite a bit different from one another, its hard to say which one I like the best. I think on FM I give the edge to the RF-940, it has the "fullest" sound of the three. On AM, it just depends on the reception conditions. With a nice strong signal without adjacent interference, I give the edge to the RF-940. In other conditions, however, I prefer the sound of the RF-935.
So in conclusion, each radio has its strengths and weaknesses, I can't pick a clear winner out of the three. I can say, however, that all 3 are solid performers and perform better than 90 percent of the garbage on the market today.