Peavey HB2
 

I just picked up one of these, and I'm very very pleased. It's a little noisy(hiss), but otherwise fits my needs.
One thing though: to anyone who has used this unit, is your limiter knob backwards? When I have the limit knob all the way counter-clockwise where it says "off", it is apparently full limiting. The sound is dull and the led is illuminating almost constantly when I play. When I turn the knob all the way clockwise, the limiting is removed, and I get a full, unaltered sound. This seems totally backwards to me. Anyone know what I'm talking about?

That does sound like the control is functioning backwards to the way it's labeled. Did you buy it new? I'm wondering if a pot was replaced with the wrong type. But as long as it works properly I guess there's no harm done. Just treat it like a threshold control where a lower value means more limiting.