The cleans are probably similar to LS, but I think not exactly the same. To my ear they sound and feel a lot like my 1965 Deluxe Reverb, but with more low end and headroom. The dynamics are really what sets this amp apart. It has incredible transient response, and can feel like it's punching you in the face like an old Hiwatt amp.
The presence knob controls the feedback in the power stage. It has nothing to do with an external preamp. It is not a volume knob, but more a control of the dynamics. More feedback means the speaker follows the input signal more closely and has a "tighter" feel. Less feedback means the character of the output stage is more audible, and there is a "looser" feel.