  We present preliminary results from a long Chandra HETG observation of the
luminous Narrow-line Seyfert 1 galaxy 1H 0707-495. We find a complex X-ray
spectrum comprised of a two-component continuum with superimposed emission and
absorption lines. The short time scale X-ray variability is different than
observed in other AGN: the soft X-rays vary markedly less than the hard X-rays.
This behavior is similar to that of high-state Galactic black holes. We also
investigated the long time scale variability, and discovered an apparent
bimodal flux distribution. We postulate that the bimodality is the signature of
the radiation pressure instability, and note that this instability may be
expected in luminous NLS1s.
