I have been actively involved in the Beta Testing of the 3.05 Firmware update program. I am fully experienced with the all the calibrations procedures and P2 setup. We were all thrilled when DJI released 3.06 just the other day. I updated to it the day after release which included the PCB update. There was a new setting for Autoland and Auto Descent. I turned off the feature to Automatically Return to Home after a Low Battery Level Warning. DJI as far as I could find, did not state what level they programmed in as a "Low Battery Level" condition. Prior P2 Assistant Software versions allowed you to set a "Low Battery Warning % between 20-30% but the new Software does not allow you to choose a set level for the First Warning. They did implement an Auto Descent at a Critical Battery Level. What number that is I do not know but I am guessing it's somewhere between 15-30% After i installed all the updates I checked the "Default" setting in the Gains adjustment tab in the new P2 Assistant Software. I then did a full sticks calibration then an advanced IMU Calibration. Calibration numbers looked great. I went through all the tabs and checked that all was good. I flew 3 batteries testing the new 3.06 Firmware. The J-Hook and Drifting issues were gone. I did notice a slower Throttle Response then from past Firmware Versions. I assumed this was just another parameter DJI implemented to aid in maintaining a more stable Phantom. Yesterday I had a Video Shoot for a job. (This is what i have used the P2 for). it involved flying in from the ocean and over a car traveling on the highway. I flew a full battery and landed at 35% battery remaining. I put in another battery and took off for more filming. Battery level was at 99% at takeoff. I had 12 Sat's locked and good stability from the Phantom. After being in the air for about 5-8 minutes, I setup for another shot. Battery level was at 78%, I had 12 Sat's locked My altitude above the ocean was at first 20-30 feet I then brought it down slowly to 10-15 feet and I was about 50 yards off the beach. I did a slow Yaw to position the P2 for a straight run towards the beach. Watching my FPV monitor and closely checking the iosd information, I know I was at 78% Battery Level, 3.5 Meters Altitude and 12 GPS Sat's locked. At this point, the P2 began to slowly descend. I could see it was dropping .5 Meters Per Second on the iosd. FPV was showing it getting closer to the water. I advanced the Throttle to 80% then to 100%. It began to gain only about 1 meter of altitude then started to lose altitude. I moved the throttle stick all the way to full. Still no response. Within 1 second, The P2 just fell the rest of the way down. It did not make a logical descent. IT FELL. I still had great video signal on my monitor up until the point it hit the water. The Phantom is now a Total Loss. We were unable to find it. In all my flights with this P2, I have never had it fall out of the sky. I have always landed before the batteries hit 25% I am very upset that this occurred after a new Firmware release that supposedly included a fix for Phantoms falling out of the sky.