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The deviation ratio required for minimum obtainable bit-error probability for random binary PCM/FM waveforms is derived. The resulting minimum obtainable bit-error probabilities are calculated and compared with those obtained expenimentally and independently in two different laboratories using conventional demodulation equipment. The amplitude distribution of video noise in conventional FM receivers is investigated theoretically and experimentally in an attempt to interpret the effect (or lack of effect) of video filtering on error probability. Comparison is also made between theoretically attainable bit-error probabilities for PCM/AM, PCM/PSK, conventional PCM/FM (i.e. frequency modulating a single oscillator) and ``switched PCM/FM'' (i.e. switching between two oscillators of different frequencies).