Yes you are. No click presets. It's difficult to work with on the fly, though. I'm getting used to it now, though, so it's getting easier. But the controls are very sensitive. Gives you a ton of variation, but you move a knob slightly and you can get pretty drastic changes.
I find this especially true with the tone knobs -- man, you can get a lot of bass out of this thing if you over EQ!
