I just got one of these the other day and like it. I haven't had the chance to gig with it yet but can already tell that it will work well. The 3 settings are each useful and the unit lightweight and well built. I wouldn't say that it totally sounds like a speaker but, considering that there won't be any mic bleed to clutter a mix and that it removes the issues of mic placement, stands, etc., I'd just go with this live 95% of the time. I still prefer mics for recording.
That being said, I may not actually ever use this live because I am having an fdeck HPF3 and a sansamp Bass VT built into a rackmount with xlr and 1/4" in/outs and phantom power. But, I don't plan to get rid of the Palmer anytime soon. It's solid sound, ease of use and the fact that it's passive makes this one simple and reliable box.