I put close to an hour on it, and the sound is fabulous. Exactly like my 80's large box ADA flanger, only quieter. No detectable clock noise that I can hear. The "bass" switch is a welcome addition. To my ears, it tightens-up the bottom when using it with with distortion. ADA also fixed the even/odd switching arrangment from the original.
The "threashold" is suppose to act as an adjustable gate that triggers the effect the harder you play. At its lowest setting, it dampens the effect, but the slightest amount of signal still triggers the effect. Why, I don't know? If I recall correctly, my large box models did the same thing. Oh well... Maybe someone here has some insight on this. I always left this control at its max setting.
The LED light is blue, and not too bright.
I tested it with a Centura klone, Rockman echo set to slap-back, into a Ampeg GVT15 half-stack w/Guytron Bigtone 55 driver. I will be trying it with my SJ 2554, and VOX AC15 Heritage half-stack later today. The AC15 is always the most revealing when it comes to effects.