Definetly not right.
The PT 2.4 wireless should not go into "find" mode unless you've stopped for a fairly long period of time. In addition, the computer should not break up your ride like it did.
How long has your friend had his 2.4? Some of the early versions had a problem with the hub that caused symptoms like those you describe. Essentially, the hub was not transmitting a powerful enough signal. Also, look at the downloaded results from the ride -- do you see drops?
If so, have your friend call Saris; their customer service is very good. If they detect a problem, they will send you a shipping label and have it back in about 10 days.