yes on all counts except for the a/b switch...it will not i.e. have your mesa on channel A and your fender on channel B and so you can switch between your two amps....it is more of a stereo out. you can have different modeled amps for the A/B switch. I run two amps out of it all the time and it works great but I can't use two amps at a time and switch between the two with the A/B switch.... but you can use any amp/cab/effect combo on channel A and a different combo on channel B..if you want the amp and cab models off just push the corresponding button twice to turn them off..if you look at the bottom pic you can see it says s-r-v and then it also has a pic of four tubes and it says 6l6, it is cool to see the little tube pic in screen change when you switch from a fender with 2 6l6's to a marshall with 4 el34's :D