Forgive my incoherent babble...
I have a U5 and use it as Preamp and a DI, both live and for recording. To be honest, the first time I ever ran my Jazz bass through a U5 into the power-amp input on my Aguilar AG500 with 2 Aggie 12" cabs, I just about pooped my pants. It was *THE* quintessential Jazz bass tone, if I'd ever heard it. It was almost like every iconic jazz bass rolled into one and coming out of my rig!
However, I've since changed things up a little and come to realize that the U5 isn't really a "flat" or "transparent" pre/DI. It still sounds fantastic, but there is some coloration to the tone. The highs are crisp and clear, and the lows are big and beefy, but there's a little, tiny bit of mid-scoop. I think it would go really well with the Sadowsky if that's you're thing. Personally, I'm a little more into Anthony Jackson's tone than Marcus Miller's. As such, I'm definitely more of a "Pbass guy" than a "Jbass guy", specifically I'm a "G&L guy", and I think the extended lows and highs of the U5 create more of a modern jazz bass, mid-scoop, kinda sound. Relatively speaking, of course... I don't care for it as much with my G&Ls because of the extensive lows already produced by the G&L. I've actually had to run presets 4-6 with the G&Ls just because the sound was SO big (i.e. boomy).
In addition to the U5, I also use a Radial JDI (about as colorless as I've ever heard), and an old (1994) SWR Bass 350 - also about as colorless as you can get, with the exception of the tube and a little more high-end extension from the transformerless DI. Neither DI sounds "thin" or deficient in any way, and both are at times desirable to the U5 simply because they are so pure. It really depends on the situation, though. As a rule of thumb, I like the U5 with J-basses and more modern mid-scooped basses. I prefer the JDI, SWR, and even my Epifani DIs for a Pbass, fretless, or other mid-heavy tones.
But, you can't go wrong with a U5, IMO. Just expect to hear some "extra" stuff, tasty as it is. Another consideration for live use with the U5 is that it CAN NOT handle phantom power. I don't use mine at church (and I originally purchased the JDI) for that reason. Sure, you can ground-lift it, but it's better to not apply that 48VDC to the output stages to begin with. If that's not an issue, then go for it. Otherwise, beware.
Another way I like to run the U5 is as a preamp into my the effects return of my SWR Bass 350 or even my Epifani UL502. It sounds fantastic with the SWR power section! Mainly I do so as an extra preamp to mix in a second bass to the main SWR input when I'm playing live. I usually use the 2-channel Epifani with 2 basses, though.
The multiple outputs are also great. In some cases, I have to use the mic output instead of the line output because the line output can be too hot with my G&L basses, even with the gain all the way down. It's also nice to drive a signal into an iso booth via one output to "reamp" though a miked amp, while the other output goes direct to the board/mic pre/AD, etc. Kind of a swiss-army knife for the studio.
As much as I love mine, though I'm considering selling it. My Epifani covers most of my live needs and has a suitable DI, and my JDI gets more use that I expected (well, it fits into my bag and doesn't require a power source, and it sounds great), and the SWR DI impresses me more and more every time I use it. All that adds up to a U5 that gets less use than it could.
I know I've rambled on a bit, but hopefully I've given some food for thought. Overall, the U5 is a fantastic DI and I love mine. Since I don't always record in well-stocked pro studios, I can't always rely on a great studio preamp to bring the signal of the JDI up, and I always know exactly what I'll get with the Avalon in the chain. I'll probably keep it around for that reason alone... It's a great tool to have if you can swing it.