Both sound great. I'd be thrilled with either. The Tone King had more bass and is tighter, as others have said. I'd also say that the Tone King has better note separation and sounds a bit "finer" in the treble. That is, it seems a bit more articulate across the spectrum. The Deluxe Reverb doesn't have as much low end, and its EQ is less broad in general. It sounds like it has slightly more mids than the Tone King on that setting, in a really nice way.