Round 2 with my second PF500 after returning the one that committed suicide on it's second day of life. I returned it to GC with no hassles at all (they didn't even look in the box to see if it was in there! I repacked it and taped the box shut, and for all they know it could have been filled with rocks!)
No issues so far, however, I did end up also returning a second PF cab I bought. It sounded nice with 2 cabs, but with the reputation these seem to have right now I didn't want to sink anymore money into this rig, and will instead save my money for a bigger rig down the line if the need ever arises. I am really pleased though with the size, look, and portability of the PF115 cab with the PF500. I've also used the PF500 with an SVT210av cab (separately from the PF115, not together) and that sounds pretty darn sweet as well. More punch and presence, and better for rock, while the PF115 is obviously not as tight and punchy and more of a classic sound. Sure you can EQ it and get a lot of different sounds, but I'm just describing it's overall, general tone. I have noticed that when trying for certain tones that I really have to crank the EQ, especially the treble and mids, HOWEVER, I am attributing this to the fact that I have flats on my bass (Chromes) and sometimes am trying to get it to sound like rounds. Also, I don't like the pickup that's in my '76 P, and have a new Fender Original 62 pickup on the way to get a more old-school P sound.
So instead of getting a second cab for this set up, it's going to stay as is, used for just small little jams and practicing at home. I have considered looking for a used 410he cab because it sounds so good through the 210av cab though.
I won't lie, I am a bit concerned about the longevity and reliability of this amp once the warranty period is up, but only time will tell! I know others use this as a gigging amp, but if I played out I would NOT want this to be my only rig and would not feel comfortable using it in a live situation. It seems like we are the guinea pigs for this one, and I am sure Ampeg will come out with something else that will also be compatible with the PF cabs that is more reliable. My vote is for two fans for cooling instead of one and a easily accessible and replaceable fuse on the back of the amp, because it seems like some sort of surge is what blew mine up by just turning it on. If that happened in a live situation that would have really sucked.
Also, the most important thing that should be changed with this amp is actually designing the entire thing to be able to handle what's actually put through it instead of having it cut out as a safety measure. The fact that these do this so often shows that there is definitely a weak link somewhere inside this amp. If it's overheating add more fans or redesign the heatsinks or whatnot.