Let me just say that P.E. is NOTHING compared to what we do at black belt prep . . . That wasn't intended to sound arrogant, but let's be honest here, P.E. really is nothing once you've been in my TKD class.
2 laps, hm? Try . . . 36. 3 in each dojang to start with, come back, hold plank position for 30 seconds (after you've already been holding plank for a while, since you have to until everyone gets back from running), 30 seconds of push-ups, then 6 laps, 30 seconds plank, 30 seconds push-ups, 9 laps, 30 seconds plank, 30 seconds push-ups. All while wearing your full dobok (long sleeves, long pants) and all of your sparring gear. Sometimes wearing the helmet is optional, but other times not. And by plank, I don't mean the easy plank. That's push-up position. I'm talking about elbows and toes plank, which is a lot more challenging.
Even our regular TKD classes are just as tough as black belt prep. That being said, I'm used to it. I do black belt prep right after regular class on Saturdays (basically no break, unless you count putting on your sparring gear as a break, and you can get water, but you can't really rest), so P.E. is very easy for me.
Sometimes we'll do something in P.E. that's actually a little challenging - like we did this exercise program once and I actually liked that since for once it gave me a challenge. Some of the exercises were not unlike the ones we do at TKD. (All the jumping stuff . . . my instructors love making us do that.)