I received my BG500 combo (15" version) about 3 weeks ago, but haven't had a chance to really crank it until last weekend. I thought I would share my thoughts.
First, this thing is equally as useful for studio use as live use. Lately it's been my go-to preamp for recording. I was skeptical of the Spectracomp, Tweetertone and Tubetone features, but they really sound great and are quite useful. The Sepctracomp, being a 3-band compressor, does a nice job of smoothing out everything evenly across the fretboard when used conservatively. The Tweetertone is a genius alternative to a tweeter knob located on the back, and is more versatile since it's basically an EQ knob for the highest frequencies, which means it effects your DI signal as well. And the Tubetone adds a nice touch of "grit" and "grind". I set it to about 3 or 4, and the effect is very subtle but quite pleasing. Initially I didn't really hear much change in the tone at that level, but at one point I was tinkering with EQ plugins in Cubase and cut everything below 800Hz. All of a sudden I could really hear the warm tube distortion on the upper frequencies. Very cool.
Last weekend I brought it (along with my trusty P bass) to a rehearsal held at the drummer's recording studio. 3-piece band with a vocalist. Nothing fancy. We did get loud, but not crazy loud, as everyone I was playing with were seasoned professionals who new what appropriate volume was. No volume wars with these folks. So I ended up running the master volume at around 4 and the BG500 did a fantastic job. Very punchy for a 15" combo. Not once did I feel my bass got lost in the mix, and I never had to tinker with any knobs to get a pleasing tone. I left the EQ flat, rolled down the Tweetertone a bit, left the Spectracomp and Tubetone at around 3, and that was it. Nice round, warm, vintage tone...but with lots of punch.
I would say the BG500 does a good job of bridging the gap between modern and vintage tones. I play 99% fingerstyle, but I'm sure this amp would also excel for slap use also. The Tweetertone feature is very cool, and is set for the perfect frequencies to adjust high-end "sizzle". I personally hate sizzle. After all, I play BASS.

But I know some players dig it. For me, the Tweetertone knob is the only EQ I really need, as I like the natural tone of my bass but with a gentle rolloff on the highest frequencies. It can behave similar to the cut-only VLE on Markbass amps, but also adds the ability to boost when you need extra clarity.
I have only one complaint: Obviously I would prefer a lighter combo, as this weighs 70 pounds. But that's certainly manageable, and not long ago this would be considered "light". Remember, lift with your legs!
