It's pretty intuitive if you think about what an FM signal looks like in IQ representation, and what an AM signal looks like in IQ representation. You can take any signal in IQ space and determine its FM component and its AM component. The QMX can rapidly retune its oscillator thousands of times a second, and it can PWM the transistor feeding the PA, to recreate the FM and AM components respectively. This will be pretty kickass if it can be pulled off with this hardware.
