Truly one thing I learned from that forum is that good tones are possible on the guitar. If you take a second to dial it in, you can get beautiful lead tones on it. Just not MY tones.
The one thing I really like about it tone-wise is the les-paul in between pickup sound that my strats can't get. On the peavey, if you have the tone controls and volumes set to 10 and put it in the middle, it sounds OK. The out of phase switch makes it sound terrible - inside out guitar. However, if you turn a knob or two, you start getting into all these really neat gray area tones. I play alot of rackabilly and you can get some good early brian setzer-esque tones which I'm crazy about.
Unfortunately, since I play in a trio, I have to do so much rhythm work that the peavey solo tones aren't useful to me because you can't slap the switch over or twist one knob to make the guitar fade into the background after the solo. with a strat (or the jambolin) I can get depth of dynamics just by changing my attack or turning down the volume 1/20 of a rotation.
The Peavey T-60 isn't a shit-piece. It's probably the best built and best playing guitar I have. It's far superior in construction to my fender strat. It certainly does have an image problem. If it was a piece of crap, I'd stick it back under the bed for another 20 years. Maybe it's sentimentality, but I really like the guitar and continue to try and find use for it.
The guy who designed it has a shop in texas and he does some really cool stuff to these guitars. Since they are so fricking heavy (mine weighs 11 pounds), he routs channels into the back of them and can take out like 4 or 5 pounds and then put a verneer over it. I figure if I do that, it'll get me discernibly turgid about my guitar again and start using it out. It has a certain white trash cache that goes well with the theme of my band.