way different overall, but the lead channel is definitely the same family. i still have mine around the rehearsal spot and use it somedays. i LOVE the crunch channel and live there on this thing. it doesnt have the squawk inherent in most peaveys on this channel and i boosted the piss out of it to play death metal, but it was clear and huge sounding. i also love the noise reduction on it as i use a gate out front and that knob took care of the amp noise, so i didnt need two gates. also the same reasons i use the iconic now....
with mid-heavy pickups, and a mid-heavy boost, and v-30's, i found that channel to be balanced and the active eq as well as the presence/resonance is super powerful, so didnt need any external eq either...