I'm using the Delta Blues with a Strat. All original parts. I have my pickups adjusted kind of radically so i get nice tone from them. But the amp portion of the tone is amazing. The clean tone can melt anything and stays clean at quite a loud volume (it overdrives at about 7-8). And it goes very loud as well. I play in a jazz band, i usually have it at 3 out of 12 on the master volume. The Delta Blues is also very quiet. Of course the single coil stock Fender pickups create alot of noise. On the clean side of things, this amp is amazing, but it lacks a little on the distortion. If you are looking to play heavy distorted music like Clutch or even Maiden, get yourself a stompbox. The stock distortion is kinda weird, and more suited for country or blues. When I play metal, i'll use my Boss Metal Zone, but when i wanna crank out some blues, the dist. channel is very suited. Overall, you can achieve -almost- any type of sound from this amp you need, aside from the heavy distortion stuff.
I've only had this amp for about 2 months now and nothing has gone wrong with it, aside from one thing. When I recieved the amp, I took it home, and to my surprise, the boost switch was busted. After a bit of tinkering around I figured out it was just a loose connection and easily fixable. I've been lugging it around and doing the jazz thing with it, and the only thing that has failed is my arm cause the thing is so bloody heavy. I would definetly play without a backup because I trust Peavey's gear, and i don't have any other amps =)
I've been playing guitar for about 8 years now, and this is the best amp i've owned. Its good for small gigging and definetly worth it's price. If this amp were stolen, I'd probably buy a different one, just because i like to experiment with different gear. It's clean tone is heavenly and comparable to any higher-end amp, including Mesa's and Silverface's. For my tastes, the distortion left something to be desired, but it's good for its purpose, and I still wish it had footswitchable channels. But I'll survive with a stompbox. I recommend this amp to any casual player who doesn't want to mortgage his house to get some killer tone.