It must be tough being an amp manufacturer. On one side the players that want the simplest unit possible so they can use preamp / EQ / drive pedals to get 'their tone'. On the other side people who like to plug straight into an amp, expecting there will be enough knobs to fiddle so they can get 'their tone'. Can't please everyone...The product as an idea isn't a bad one, I just feel the more you pull from a product, wattage, tone tools, etc, the more the player ends up having to supplement. Personally I don't have a graphic EQ myself, just a 3 band with shiftable mid and presence, but I know if I want "more", the only way I'm getting it through that amp is better EQ or a better instrument than what I've got. The basics can do a lot but they're still just the rudiments, theoretically.
I bought a GK MB200 a few months back when my main amp got flaky, knowing full well that the GK would be used only as a back-up longer term. Size and cost were the selling points, but it turned out to be a great sounding little amp and worked better then I expected. I can see the Trace filling a similar niche - at least for me - so long as it has a fairly neutral tone.
Trace clearly designed the ELF and the Transit to be complementary (i.e. with 5 band EQ on the pedal, a 3 band on the amp is sufficient). Seems to me that a lot of consideration went into the design of the amp, the cabs, and the pedal pre to have them work well together.
Hopefully the sound quality is equally good - given that they are using Faital and Eminence drivers in the cabs I don't think they're cutting corners. Will be interesting to see how it works out, I'm betting this lineup will be successful, and higher-power amps / bigger cabs will follow...