i've owned both, gigged with both, and happened to sell both. some thoughts...
overall tonally, the UL502 has a very glossy, almost glassy hifi sound to it. the TFB does an ok hifi sort of sound w/ the timbre knob, but i find its not nearly as 3D sounding. also, found the top end boosts a little harsh compared to the sweeter sounds of the 502.
on the other hand, the TFB really excels at dialing in a "warm, fat vintage" kinda sound w/ the timbre knob. just turn left and you're done. really, that's all that there is to it. w/ the 502, its really hard to find that vintage warm sound. with certain basses, i have to turn the treble knob all the way off, dial in the right para-mid EQ, and dial that almost off, AND i even have to turn down the tweeters on my cab!
flexibility wise, gotta chalk it up to the 502. having two channels is especially nice, cause you can flip btwn sounds, basses, what have you. no more unplugging when i'm going from my NS Wav electric upright to my regular bass. also, i really like the footswitch w/ the epifani. lights up real bright, and uses a simple XLR, so i can vary the lengths for small stages to really large outdoor ones.
EQ wise, while the TFB has lots of knobs to twiddle that's great for the tweaker in me, you can find a decent sound using just the enhance and timbre knobs to your liking. the only downside, sometimes i feel like the cut/boost arent quite as dramatic as i'd like. on the 502, simplicity is on the familiar 1st channel's treb, mid, bass knobs, which are voiced quite nicely. only downside on the 502 is that the 2nd channel's midrange freq. sweep knob doesnt quite go as far into the low mids as i'd like. i.e. the lows knob on the 502 gives you a room rattling low end boost, but its hard to dial in that fattening, thicker sounding bass boost.
all in all, i still love both amps, and currently am a bit more on the epifani side of things with my constant companion, the UL902.