Cleans aren't too bad, but the overdrive isn't what it should be. I wouldn't recommend using this method for either direct out to the board in a live setting or for direct recording. It's supposed to empulate the sound of the amp pushing a speaker, but I don't think it comes close.
For cleans though, you can get some interesting sounds. I hardly ever use the graphic eq in my clean channel, but with the direct out, I do find it useful.
I just think this amp sounds best when it's actually driving a speaker.
My $0.02.
