It sounds good at lower volumes.
I picked one up during the MF deal and for two bills, you can't beat it. I've used it twice at band rehearsal and it sounds great in the mix too.
Since I got a deal on it, I was thinking about replacing the stock speaker with a Ragin Cajun, but at his point, now that the stock speaker is breaking in, it doesn't really seem necessary. I still may do it...
I mostly just use the first channel. Some of the models, though, do sound pretty good and the reverb sounds very good. Not Deluxe Reverb good, but good nonetheless. I haven't really messed with the other effects.