I thought I would post a bit of a summary as results are kind of trickling in. Phosphate standards were made at concentrations of 1,0.1, and 0.01 ppm in MilliQ water. They were sent to four individuals. These are the results for the neat standards, which would represent the 'best case scenario', i.e., no matrix effects etc.
1 ppm 0.1 ppm 0.01 ppm
0.90 0.09 nd
0.95 0.06 nd
0.93 0.06 nd
0.94 no measurements
nd = not detected, no measurements = still waiting on results
So, these meters seem to work fairly well at 1 ppm, giving both accurate and precise results. However, at 0.1 ppm, things start to break a bit even in a neat solution. With the 0.01 ppm standard, phosphate was not detected by anyone.
I had someone due a matrix effect experiment where they diluted the 1 ppm standard with an equivolume amount of their tankwater (which was reading 0). They got a reading of 0.06 ppm. It should have been at least 0.5.
So, I think the take home message is that these don't appear to be too reliable on the low end and are also subject to spurious results due to matrix effects. Keep in mind this is a $50 hand held meter. However, I think the manufacturer should be less ambitious w/respect to the advertising of the meters capabilities. If you are measuring phosphate because you are interested in levels compatible with SPS (less than 0.05 ppm), I am not sure this is the best way to go.