"A sport, recreational, private or commercial pilot may log PIC time only for that flight time during which that person - Is the sole manipulator of the controls of an aircraft for which the pilot is rated or has privleges;"

Of note:

61.57(e)(3) "An authorized instructor may log as PIC time all flight time while acting as an authorized instructor."

So, as long as you were the sole manipulator of the controls, you should be logging that as PIC time. The instructor can log the entire flight as PIC if was acting in the capacity of his instructor rating.

In aircraft checkout, I would presume that you would do all the flying (or most of it if the instructor demos something), so that should all be PIC time.

Hope this helps.

Cheers!

[This message has been edited by AV8B_Heed (edited 12-17-2005).]