To get back to the first point:
> Sort of the swiss Army Knife of vintage testing equipment. They combine a signal generator, VTVM, watt meter, dummy load, etc.
The "signal generator" is just the 60Hz wall-power for LOW, and a pretty cheezy 6KC oscillator for HIGH.
These test the two extremes of the audio band, simultaneously, which reveals two-tone interaction.
But it does not directly test the middle of the audio band. And a guitar-amp may well be stressed at 60CPS and 6KC yet cover the guitar range very well.
The IM test "assumes" the amplifier frequency response is "flat". Any film or hi-fi amp is flat enough. Many guitar amps are seriously un-flat... what are you really testing?
And IM readings are always mystifying. If the amp is happy, IM is what it is, and we've selected amp plans which (incidentally) have satisfactory IM. If a guitar amp is unhappy in an IM way, you don't need no silly meter to tell you it won't play two notes without a chorus of inharmonics.
The selectable impedance load meter is useful, but only up to 25 Watts. When these meters were new, 25 clean watts was a lot. The IM 2-tone signal will make less than 25W heat from a 25W amp, so you could stress somewhat larger amps. But if I put a single pure tone through my "13W" big-Champ, and crank it way up into overdrive, it will put 24W of heat in a load. So anything bigger is gonna smoke the IM-22's resistors.
The "VTVM" is only an ACVM. It will read AC voltages down to a milliVolt, below a simple AC/DC/Ohms VTVM, and well past the audio band (many DVMs won't read AC above 400Hz well).
In addition there is a filter and demodulator to recover the bent-up 6KC tone and boost it for reading.
So....
It is a very useful audio voltmeter, and often far cheaper than the nice H-P job, and maybe more reliable/fixable than my Boonton.
The internal loads are handy for -small- amps.
You can connect an external load, and if it is standard impedance (4,8,16,600) the meter will do the math for you, read directly in Power up to 150W (actually 1,500W, but that was inconceivable when this beast was sold).
It is fairly bulky.
I've owned one, rarely used it.