I can confirm Daniel's experience here.? I have a new ultra picokeyer.? As built, it would put my QCX and QMX rigs into key down.? I cut the trace going from PIN 5 to the ring, and now the picokeyer works well with the QRP Labs rigs.? A trace from PIN 5 to the ring is NOT in the schematic.? Who knows how it got there.
Note that the sidetone clunking is still there even when keyed with the picokeyer (and the Q*X in straight key mode).? The clunking is present even if the sidetone volume is set to zero.