I got this amp a few weeks ago for $100 from Musician's Friend. What a steal!!!
This little amp sounds great with a variety of guitars I've tried (single-coils and humbuckers). It's an extremely simple amp, with just a power switch and volume control but it really lets you explore the range you can get using the volume and time controls on your guitar. Just for kicks I've been using it with synths too and it really wams and fattens their sound.
I've seen a lot of reviews recommending people replace the speaker. While I don't think the stock speaker is that bad, it does sound a little flabby for such a small speaker. I'll probably swap it for a Jensen MOD 6-15 which has received some decent praise but mainly because I love the MOD 12 I dropped into my Peavey Classic 30 a few months ago. I plan to replace the grill cloth when I swap the speaker. I think it may be contributing to the flabby sound more than the stock speaker.
The amp does have a bit of 60Hz hum, especially with single-coils but that is to be expected. I've seen a few recommended tweaks on component values and placement to help reduce hum. I'll probably give them a try when I pull it apart for the speaker swap.
Overall, a great little tube amp for recording or practice. If you know anyone starting out on electric guitar who is looking for gear recommendations, steer them to this as a starter amp over the plethora of crappy solid-state amps in this price range. They'll be a much better musician because of it. The solid-state amps will have more power but the emerging guitarist won't get any experience with the dynamics you'll get with a tube amp.