At introduction, P2 cards offered low recording capacity compared to competing, video tape-based formats (a miniDV tape holds roughly 13 GB of data, and an S-size HDCAM tape holds 50 GB).

P2 cards are of a ruggedized PCMCIA type with the fastest transfer speeds currently available through this format.

The first pieces of equipment released by Panasonic which used the P2 format included the AJ-SPX800 (a 2/3" broadcast camcorder for ENG and EFP applications), the studio recorder AJ-SPD850, the AJ-PCD10 offload device (basically, a five-slot PC card reader with USB interface designed to fit a 5-1/4" IT systems bay), and the memory cards themselves – AJ-P2C004 (4 GB) and AJ-P2C002 (2 GB).

On April 15, 2012, Panasonic introduced the "MicroP2" system, an entirely different format based on SDHC/SDXC conforming to UHS-II (Ultra-High Speed) bus mode.

On February 27, 2014, Panasonic announced a new generation of P2 media, the expressP2 card, designed to accommodate high frame rate 1080 HDAVC-ULTRA recording (above 60fps) as well as 4K capture.