A prototype microwave imaging system is evaluated for its ability to recover two-dimensional (2-D) electrical property distributions under transverse magnetic (TM) illumination using multitarget tissue equivalent phantoms. Experiments conducted in a surrounding lossy saline tank demonstrate that simultaneous recovery of both the real and imaginary components of the electrical property distribution is possible using absolute imaging procedures over a frequency range of 300-700 MHz. Further, image reconstructions of embedded tissue-equivalent targets are found to be quantitative not only with respect to geometrical factors such as object size and location but also electrical composition. Quantitative assessments based on full-width half-height criteria reveal that errors in diameter estimates of reconstructed targets are less than 10 mm in all cases, whereas, positioning errors are less than 1 mm in single object experiments but degrade to 4-10 mm when multiple targets are present. Recovery of actual electrical properties is found to be frequency dependent for the real and imaginary components with background values being typically within 10-20% of their correct size and embedded object having similar accuracies as a percentage of the electrical contrast, although errors as high as 50% can occur. The quantitative evaluation of imaging performance has revealed potential advantages in a two-tiered receiver antenna configuration whose measured field values are more sensitive to target region changes than the typical tomographic type of approach which uses reception sites around the full target region perimeter. This measurement strategy has important implications for both the image reconstruction algorithm where there is a premium on minimizing problem size without sacrificing image quality and the hardware system design which seeks to economize on the amount of measured data required for quantitative image reconstruction while maximizing its sensitivity to target perturbations.