Richard-
I believe peak displays the peaks at selected intervals, but I'm not positive since I've got my setting on continuous. (Edit: I haven't used the peak setting enough to have an opinion.)
willndmb-
Good point about the side meters. I have found that the side meters are not as accurate as the top meters (and yes, I have the side meters set to continuous). Others have reported the same conclusion. I have seen brief clipping on the top meters and the side meters did not indicate clipping. I have found it best to keep the -6 lit up almost continuously on the side meters, and let the -3 only blink some. I have always preferred to run my levels hot, and when I first got the FR2LE I thought running the way I described above to be too conservative. The end result turns out great, however. Basically, I'm trying to say that it is not hard to clip if you try to run hot by only looking at the side levels. If you want to run hot & see the most accurate meters, better use the top. Now that I can run 24 bit, I need to change my mindset on running hot levels anyway.