I guess I'm the odd man out, but I like my Blues Deluxe Reissue. It could also be that they made some changes in the reissue, as some of the above comments refer to the older model. The clean channel sounds very similar to my blackface Pro Reverb, which is to say, really good. The dirty channel is more of an overdrive than flat out distortion. If you are playing single coils, back off the tone control a bit and I for one think it's pretty good, just not at all Marshally. If you like the sound of a clean amp breaking up, that's what you will get. If you want more aggressive sounds, get a pedal.
It's easier to make a clean amp sound good dirty with pedals than to make a dirty amp sound good clean. My experience has been that it's pretty hard to find an amp that does both well for the price you mentioned.
For me, reverb is part of the Fender sound, so I require that in an amp. Many of the newer tweed clones don't have it, so factor that in too. Of course, the originals didn't have it either, but I just can't see playing a tele without a little reverb. I might add that I also have an Ibanez AS73 (335 style) which sounds excellent through this amp.
I don't gig anymore, but did for 10 years, and I think this amp would have enough power for most clubs, especially if miked. When I was gigging (country bands), I couldn't usually turn the Pro up far enough to get it to the just breaking up stage, so even if the BD doesn't have as much power as the Pro, that shouldn't really hurt anything. I took it to a blues jam last week, and with a pedal (Gristle King), it sounded fine.
The only concern I have about the amp at this time, is that the cabinet is made of partical board. If it should get wet, that would not be good. I don't know how well it would hold up to being dropped either.
If you play in a band that does a lot of road work, the cabinet might be an issue. The type of music that you play is also a factor. If you like the sound, and it fits your music and budget, I'd say go for it. It sounds like you have played one, are you happy with the od sound? Not everyone looks for the same thing in a dirty channel. What I like about is that it's still touch sensitive in od, not that compressed. I would set it for that just breaking up tone, and use a pedal for more crunch. If you have a local Fender dealer, ask about their return policy, and if possible take it home and play it with your band, or get some folks over to jam so that you can see how well it works in a band setting.
As for reliability, I haven't heard any horror stories about the reissues. They are made in Mexico, which turns some people off, but they do have a 5 year warranty. If you like a good, clean Fender sound with reverb, they offer a lot of bang for the buck. I think the days of finding blackfaces for a good price are over.
Dan