Amir didn't get to try the poorly marked AGC, but I tried it and it works as expected.
I connected it to preamp signals and for any reasonable listening volume, the display works well, showing full range deflection. For volumes suitable for background cocktail party, it's too intermittent, but I doubt anyone here will listen at such volumes with this device.
The AGC has an annoyingly bright LED next to the back panel switch, but I guess that's easily covered with some masking tape.
The "time" controls provide a lot of control over the rise/fall speed of the bars as well as the hold time for the peak hold indicators. It was fun to dial that in.
The sensitivity control behaves more like a noise gate. I left it at 10, but it might be useful for noisy sources such as vintage recordings or vinyl.
I didn't notice any LED flickering that rcohen noted, so it might be individual or unit specific.