Hello, I am a new Phantom 2 owner and I LOVE IT. (until something bad happens).
Spudgun, I had same issue. I opened the transmitter and found that there was an error when someone assembled it. I turned on the TX and Phantom and adjusted the top potentiometer, and what do you know it worked. There is a metal + sign that need to fit in there to control the tilt. I adjusted the tilt to the up-most position and put it back together so they both lined up...DIDN'T WORK!!! Upon closer investigation the POT was smashed down so it couldnt make contact with the stick. I carefully used a good set of needle nose pliers and padding and pulled it back up into place.
I am not saying it is your problem BUT this is what worked for me.