Hi -
I own this amp and I love it. I bought it at a local Guitar Center last January. I went into the store to try out a Line 6 modeling amp which cost the same amount of money. I was very unimpressed with the Line 6 amp. The sales person showed me the ValveKing and I was instantly blown away!! The sound was so much more lively and responsive.
With 50 watts, there is more than enough power. The sales person told me it's got enough power to gig with.
The "clean" channel is quite good. The lead channel can get good and distorted, especially if you engage the gain boost button. I haven't had a need to add any effects or pedals. Each channel has it's own set of tone controls, which is really nice. This thing can twang away with some nice clean tones or get down and dirty for some palm muted metal madness.
From what I've read, the weakest point in this amp is the speaker. I've read where people have replaced it with a Celestion 30 with good results. To my ear, the stock speaker is good enough.
The physical construction is very solid. Good thick wood, nice metal corner pieces, and nice solid feeling knobs and switches. The construction is much like the Peavey Special I had back in the 80's. This also means it's heavy.
Here is some good info on the amp:
http://ultimate-guitar-valveking.wikispaces.com/homeAs far as tube amps go, I don't think you'll find anything else of this caliber in this price range.
I'm not aware of any issues with this amp. I have read in some Amazon reviews where people have had issues with noise. I have not seen that, even with my strat which has single coil pickups.
