I had one for a while and I sold it to get money for my Aguilar DB750. Still wish I didn't have to sell it. I've owned both BBE preamps and the TBP-1 and I loked the Fender the most. I was clear but very smooth and warm at the same time. Super versatile and full of great features. FX loops, semi-para mids, overdrive, 2 tubes and the great Room Balance knob (everybody should have it). I think it has a warm sound, not a smuch as my Aguilar of course but it doesn't sound sterile at all. I didn't record with it but did use the jensen DI playing live and my soundguy always loved it. I'd really say you get it if you like semi-vintage warm sound. If you like super hi-fi scooped sound and extra highs then I think you sould go for a Bmax, Demeter or SWR. The Fenders EQ is passive so it doesn't have crazy eq shaping capabilities, but IMO it is more than enough for any band setting. It has soo many features and the 2 tubes really sound great and make a real difference. I always used the OD section to get more of a warmth and it sounded real tubey. It's not a distortion or fuzz section, but works wonders for getting the right balance between clean and tubeyness.
I sold mine as I said to get the 750 which I love, but the TBP-1 is one great piece of equipment that I really regret selling. But I needed the money and I'm an Aguilar man now.
I hope this helped and sorry for the long post. Any other questions, feel free to ask.