I have the XT Live, and I do think it's a very good sounding flexible unit. However, the factory presets are not just useless - they are so bad they will scare away even experienced players.
My recommendation to anyone auditioning one or getting started is to select the Studio/Live mode as appropriate, then select the Silverface Bass model and set all the controls to noon, except the bass which should start at about 2:00 and the Channel Volume to full. Turn off all effects and the EQ, and if you want to try the Compressor, start with it about 9:00.
If your bass sounds good by itself (ie, you aren't using an amp to fix your bass' sound), then you should be getting a really good versatile sound from these settings.
Explore from there, but that's a better starting point for making judgements.
My recommendation to anyone auditioning one or getting started is to select the Studio/Live mode as appropriate, then select the Silverface Bass model and set all the controls to noon, except the bass which should start at about 2:00 and the Channel Volume to full. Turn off all effects and the EQ, and if you want to try the Compressor, start with it about 9:00.
If your bass sounds good by itself (ie, you aren't using an amp to fix your bass' sound), then you should be getting a really good versatile sound from these settings.
Explore from there, but that's a better starting point for making judgements.

