This sure looks like a baud rate mismatch to me. Have you tried your terminal application on another AP to confirm it is operating at the expected settings? If so, try connecting at 19200 baud, perhaps the device was changed by someone else?
I have tried all possible baud rates - nothing usable. The device is new out of the box - unlikely it was ever configured after factory setup. I only have an AP230 for testing, but will try with that one!