Using latest version of P2 - the new quick post box has several buttons: "status update", "blog post", "quote", and "link". The link button seems to be non-functional. Clicking it has no pop up or additional entry fields, and posts using it have no additional or custom styling.
The ideal behavior would be to bring up a simple box for a hyperlink URL to be pasted, which would then generate the typical a href html wrapping text.
Basic styling - bold, italic, and blockquote - would also be welcome additions. I understand that the integration of quickpress as a function with hooks, to be leveraged by P2 in the future, may solve some of these problems (including the lack of functionality of the Media upload button). However that is probably not until 3.2 at teh earliest, according to wordpress trac.
in fact, a P2 trac would be hugely helpful.