jbert,
I had one for about 6 months and recently sold it. First of all I think it is a really nice amp for the money. I was just never quite able to find that "tone" that I thought I should have been getting from it.
It has a really nice clean channel, and they have a boost feature for the dirty/overdrive channel, but it really needs some input from an external pedal to be useful for heavier stuff.
There is a built-in reverb that is always there, you can back it down, but not really get rid of it completely.
I have a Petrucci and played my Axis through it as well. Like I said, the clean channel is really, nice, but it seemed to me after having it for six months that the Traynor was a one trick pony. That and the fact that it was not suited to my playing at home, that thing is frickin loud! I wasn't really able to get the most out of it because to get a decent tone, you had to crank the sucker. I used a Fulldrive 2 in front of it and unless the wife and kids were gone, I couldn't use it and ended up playing through my Tascam CD-GT1.
I ended up getting a Mesa Boogie Studio .22 Plus and I can't believe the difference. That thing just oozes tone, that and the fact that I can play at bedroom levels with tons of gain, plus it has a great clean channel to boot. In fact, I haven't even played it with any of my pedals, I haven't needed to. I'm able to dial in any tone I want with the front panel controls on the Mesa.
I'm not trying to talk you out of getting the Traynor, but from my personal experience, it wasn't for me. My mistake was that I bought it sight unseen and wasn't able to play my guitar through it first. You'll get that advice from many on this board, make sure you can play what you want to buy. I've seen and heard many great reviews on the YCV40, which is why I bought it, but I wish I had the chance to do it all over again. I could have saved about $100 since you never quite get out what you put in to it in the first place on a resale.
Good luck and if you have any other questions about it fire away...
fred