Yup if used with the matching cabinet. The design is weird as the negative feedback is taken off the speaker jack. So if you use a 16-ohm speaker you get more feedback (and much more bass) than if you use an 8-ohm speaker. The model is based on using the matching cab. It's too much bass for me so I turn down the Depth and reduce Negative Feedback a bit.
Glad you said it... Makes me feel less alonei definitely reduce the bass control and kill some 125 with the 5-band passive eq for the BE/HBE. if i knew what i was doing, i would use the neg feedback that cliff mentioned, but i'm not quite there yet