Since I've actually used this, thought I'd chime in. First off, the MXR M-80 is awful compared to this amp, stay away. The actual tone of this thing is actually pretty decent, very similar to SVT-CL type tone although lacking the tube grit. It can be anywhere from typical rounded 70s SVT tone, so something a bit more agressive (although it never goes into overdrive). Max the gain and just set master volume to taste.
The one thing about it though, you really only get the proper volume by adding a 2nd 2x10 - so with just the one micro cab, you really won't be able to get past moderate practice volume. I have used it live at a gig, and it was plenty loud enough for stage volume, and the DI is decent which was sent to FOH.
Honestly, for the price and for the size I think it's an awesome amp. Much better than any of the other small amps I've had, with the exception of the Bass Terror but that amp is already double the wattage (and price).