It's very midrangey and "British" sounding, like a Marshall guitar amp, but the graphic EQ and preset mid cut can help tame that if you don't like it. It sounds very much like a tube version of their solid state SMX heads. I used to prefer to just use the direct instrument tube input, but recently discovered that the s/s preamp sounds good; you just have to crank the input gain wide open and run the master volume low. Even then, the preamp compresses a bit much for my tastes.
Yes, I know.

I've got five SVT's. Does the VA350 cop their vibe? No. They're two different animals, BUT the mids on the Trace make it more versatile, especially if you need to make stylistic changes between songs. It'll do rock but do it with its own voice. FWI, I'm primarily a rock player myself and I don't keep any amp that can't hack it onstage. As a bonus, the VA350 is much easier to work on than an SVT, though both are a huge pain to remove from their headcase.
It works like most graphic EQ's although the bandwidth in low bands (everything below the 340 Hz slider) tend to overlap. I don't do much boosting, just cut what I don't like. It also is "tweakier' in terms of having to make changes for different basses. An SVT sounds like an SVT with whatever bass is in fornt of it. The Trace is more tempermental between basses; different type basses require EQ tweaks to maintain the basic tone. It's not bad, just a quirk.
Truth be told, I just hauled it out of storage to keep the caps in good shape, but the more I played it, the better it sounded. I had never really messed with the s/s preamp and found it to be to my liking. It replaced my Wizard as my practice amp, mainly because the Wizard is too boomy and undefined in the low end and note pitches tend to slur together. (It's probably the KT90's in it more than the amp itself, but I don't have any other tubes that can survive the Wizard and already have far too many 'spare' 6550/KT88 types to start auditioning more.) Basically, the VA350 is cleaner at louder volume.
When I first got it it had a mixture of GE 6550A's and Chinese 6550ST's. I pulled them and replaced them with the then "Sovtek KT88," now "Tungsol 6550." The preamp tubes are Sylvania and Philips which seem to set very well with Trace tube amps. I did some other work to it, mainly just swapping out the plate and screen loads for higher wattage resistors and solder touch up's (techie anal stuff). They weren't scorched, but the ones in my VR400 had been, so I figured I'd just do some preventative work while I was giving it a checkup.