We previously had a Philips Avent video baby monitor, but were unhappy with the fact that it interrupted our wi-fi connection (completely killed it whenever the monitor was on, couldn't use internet wi-fi at all), and also wished we had a video monitor that could pan/tilt/zoom. When our son was a baby and didn't move all around his room, not being able to pan/tilt/zoom wasn't a problem, but ever since he was a toddler and old enough to play by himself in his room and get out of his toddler bed, we really wished we could adjust the camera to see what he was doing, or be able to talk to him through the monitor to tell him to stop playing and go to sleep, for example. So, I finally went looking online for a video monitor that could pan/tilt/zoom, had two-way communication, had lullaby sounds, could be wall-mounted and got good reviews, for under $200. This monitor fulfilled my requirements, and I have been using it on my almost-3-year-old for 4 days now. I'm very happy with my purchase, and really wish I had this from the beginning, or at least since my son was 18-24 months or so. My only complaints are not deal-breakers for me, but worth noting: the lullabies are only about 10-15 seconds long, then pause for a second, then loop again. So, they are very annoying for the adult to listen to, and they don't even complete the whole song, or even one verse from a song before looping. It plays "Pachelbel's Canon in D", "Brahms' Lullaby", and "Twinkle Twinkle Little Star". My old baby monitor had really nice sounding lullabies that played the whole song and you couldn't hear it pause before it looped, and you had the option of automatically rotating through all 3 song options. Another complaint is that the volume adjuster comes in only 4 increments (off, low, medium, high, higher), so you are limited in fine-tuning the volume, for example how quiet you can get it, as opposed to a dial wheel. Also, I wish the visual volume indicator was a linear display (you know, from left to right, with left being quiet sounds, and further right being louder and louder), instead of a color-based ring (blue is quiet, then green is a bit louder, then I think yellow, orange, and red as it gets louder). And lastly, I wish it had a belt-clip for carrying it around hands-free.
I haven't used peep mode, so I can't comment on that. The battery lasts a long time, so I haven't had to use any of the power-saving features. It is a nice-looking piece of equipment, the screen is big, the kick-stand holds it at a nice angle that I can see even when I'm lying in bed and the monitor is on my night stand. I would recommend this to friends/family, but my only suggestion would be to buy a separate lullaby/sound-machine.