I've actually asked the Cab sim question to Two Notes directly. The 8x10 Fridge is right. On/off is right. My contact actually work with EBS for a while and he said it's a lot better than the sim on the Micro Bass 2. He wasn't a fan of the EBS sim, but I liked it. If it's better than I'll probably love it.
The Torpedo is a totally different animal. You can select the cab (did you know there was a 9x10 Fridge? yeah. It's in the CAB), the mic and the mic placement. The MIDI allows you to have one cab for your clean, one for your dirty and another for you "fusion" mode.
The CAB also has several different power amp options that are very convincing as well as a instrument specific eqs. The power amps are also midi controlled. SO amp off for clean, Class A for dirty and class A/B for Fusion if you want.
With the TorpedoCAB you can also profile you cab using their software so if you have an amp that you really like you can run their test signals through it using your favorite mic and placement and add it to your Torpedo.
I highly recommend watching their videos on the Torpedo to get a feel for it. There's really nothing like it.
The "Le Bass" videos are worth your time also.
I'm 90% sure I'll get both.