I play a Fender Standard(MIM)Jazz through it to. I've played an Ibanez SR500 and an SRX505(5 string)through it too. Both sounded good, the 2x10 held the "B" string just fine. There's plenty of volume and power for small to medium size gigs.
It has one control for active or passive basses. This works pretty good. I don't hear a lot of difference when using the compressor control, I guess it does something though. The Room Balance control is pretty neat. You can use the control to change the tones for different settings such as playing in a place with wood floors or carpet...etc. The tone control consist of a bass, 2-band EQ, and treble. Basically, bass, mids, and treble. This gives you the capability of many different sounds. Personally I like the deep, mellow sound when I play country but mess with the controls and the amp does a good job with rock. One thing I don't like is you can't use an external cabinet with it. You can but in order to do this you have to disconnect the amp's internal 2x10's which kind of defeats the purpose of an external cab, IMO.
I've had the amp for about a year and so far(knock on wood)I've had no problems.
I was going to get the Ampeg 220 watt with 2x10's but when I tried the Bassman I opted for it. It's also louder.
Overall I like the amp. As I stated I've had no problems so far so I would recommend it to someone. There are a lot of nice combo's out there though. I would like to try an Ashdown but the only shop around me is a GC and they don't carry them. I want to try an amp before I buy it, but that's just me.
Good luck.