Big sounding amp for its size. Fat and beautiful clean sounds. Tube driven tremolo & reverb sounds amazing, though the reverb sounds best at level 1-5, after that it might mess your tone a bit. I hear complains about that speaker and yes, it's probably the cheapest model of Celestion 10" speakers. But I have to say it sounds great straight out of the box, even without "break in". I think Fender did a great job all the way by tweaking this Custom Princeton.
In my opinion it works best with single coil guitars, but also tried it with low power humbucker equipped guitar and it works nice, but a little tweak to the eq is needed when switching between those two, but i think its pretty normal on every amp. This amp starts to break up after volume level about 5-6, and its very loud at that volume, especially if you're playing at home! Other option for those nice overdrive sounds is to use a low gain od or clean boost pedal to boost the clean sound at lower volume levels.
This amp is made in Mexico, and therefore maybe a bit expensive, but the overall build quality feels very sturdy and flawless! Is it versatile? Maybe not the most, but its simplicity makes it fun to use and for the most, I think this nails the "Fender clean" -sound!