Fender sent me one around 3 weeks ago. It's not a threat to Fractal Audio products in terms of tweaking depth or tone 'resolution' in my opinion but it does have quite a few charms such as familiarity (virtual replications of most classic amps and pedals) and the touch-screen interface which is mirrored exactly on the desktop App that they call 'Pro Control'. Spillover presets are cool and there's something about their models of the amp brands that they own - Fender, EVH, etc - that gives them clout in that department.
At the time of writing there were about 33 amps, associated cab IR's, and 60-70 common effects, mostly based on and sounding very like the real-world examples. The Mic/Line input is a nice touch along with the ability to run it in a separate signal path (which Fractal users have been able to do for ages). There is a very 'Avalon'-ish preamp model in there to help in that department too.
And the sounds? Pretty good, although I haven't used it on stage yet so will reserve final judgement until such time as I have. You won't find huge ambient reverbs or mega/multi-tap delays, etc... none of that. It's not in the same class as Fractal where those sorts of things are concerned. Not even close. And I don't think it's trying to be either. But the quality of the Fender amp models is very good as is the EVH stuff and even their 1959SLP does the trick here. The pedals, in my experience, all sound and react much like the real thing and that's reassuring too.
It's going to appeal to the user who is cashed up (they'll need to be because it's pricey) but perhaps too intimidated by the depth of our beloved brand to take the plunge on an Axe-FX III or FM9. The Tone Master Pro makes that dive easier because of its virtual 'real-world' interface and model library - technically challenged or 'relaxed' folks will be able to identify pretty quickly with what's going on under the hood.
Here are a couple of vids I posted today: