If it's jumping around, it almost sounds like a loose component inside, like connection to an ADC or something. I imagine a circuit in a PDU would be quite miniturized and hard to troubleshoot though but might be worth opening up to look for any obvious looking faults like a loose resistor.
So, I messed with it some more last night. I finally got it out of the rack and out so that I could get it under light, etc.
It was actually pretty clean inside. I opened it up, and it booted up normally, and it says power is clean.
I experimented some more by connecting it to my CyberPower UPS unit. It also has an input voltage display.
At the time of testing, with the CyberPower UPS connected to the wall, it gave me a readout of 123 volts and didn't flux during the test. I connected the Monster PDU to the CyberPower UPS and the Monster PDU gave a readout of 124-125 volts which is bounced between every few seconds and then chill out at 125. After 10 minutes it moved up to 126 but didn't go beyond that for an hour and settled on 125.
Here's the thing, I then disconnected the CyberPower from the wall plug, putting it on battery backup power. The Monster PDU stayed at 125 for 20 minutes or so until I plugged the CyberPower PDU back in.. The Monster PDU didn't flux at that either.
I then switched it, and hooked the Monster PDU back up to the wall. The Monster PDU stayed at 125 like it did when it was plugged into the CyberPower. I then plugged the CyberPower UPS into the Monster PDU.. and the CyberPower read the same thing as last time as well. 123 volts.
So they were both reading different from each other, but read a consistent value in both configurations.
This makes me wonder if the Monster PDU is reading the peaks while my other two PDU's (CyberPower and LiveWire) read an average?
Either way, after I opened it up and used a powered air duster to clean the internals, it pretty much stuck at 125 and wasn't freaking out in the 130's.
That said, I'm going to do the same study again tonight and see if I get different results.
EDIT: Another thing. WIth every configuration I had between the CyberPower UPS and the Monster PDU, I would use a basic outlet tester on all 14 outlets of the Monster PDU. Every single time the tester said the outlets were good. The tester would show ground faults, reversed wires, etc.
It's so weird, so many things point to the Monster PDU being healthy.