So my shiny new (matte black new, whatever) Mustang I v2 amp arrived tonight. I've only had 90 minutes to mess around with it so far, but here are my initial impressions: 1. DO NOT buy unless you plan to set up next to a computer and don't mind using the software to adjust your settings. The controls on the amp are next to useless without using the FUSE software - at least until you remake all your presets. 2. Most of the out-of-the-box presets are garbage. 3. Some of the amp models are quite good. I particularly like the '57 Twin and '60's Thrift. Both of those models are new to v2, so I'm glad I paid a little extra to get the v2 model. 4. No one will close their eyes and mistake this for an all-tube amp. Nor was I expecting that. Still, some very good overdriven tones to be had. Still trying to get a ringing clean tone I like, but it's probably there to be found... somewhere. 5. Not surprisingly, the Fender tones are the best ones mostly. The Vox is also pretty good. Haven't found a good Marshall tone yet, but I'm not really a Marshall guy so it may be my bias speaking. 6. Surprisingly, the Tube Screamer sim "Greenbox" is quite good. I was totally expecting all the pedal sims to be rubbish (which has been my experience with various products up until now) but both this and the "Ranger Boost" virtual pedals are worth your time. 7. Heard mixed things about the Reverb on this, but there are some good reverb sounds to be had. Their default settings are terrible, you just need to tweak them. 8. One of my needs for this was headphones practice. The headphones channel is both loud enough and sounds good (unlike the Vox Vavetronix series). Verdict so far: This is a great low volume practice or headphones amp for messing around. That's why I bought it and it seems well suited. It takes a little work to craft good sounds, and that has to be on a computer attached to the amp via the provided usb cable. Fortunately, once you find a good sound you can save it to a preset. v2 is worth the extra money over v1 in my opinion - the new amp models are some of the best on the box. I'm happy with my purchase so far.