Yes, I was underwhelmed. There are apparently 2 versions of that amp - the one that guys on gear forums buy and rave about, and the one I and many other players tried and did not like....that's the one that has a puny output tranny which causes it to sound like every other low cost production single ended amp I've tried; tranny saturation reached at "3". Mushy, lacking dynamics, and nowhere near 4 watts loud. I do think it would be a decent amp after putting a proper output transformer in there ($40 - $50.). I might pick a used one up someday if I can find one for under $150. I did that to an Epiphone Galaxie, along with increasing the filter cap values, and it transformed that amp (pun intended) from an anemic toy into a viable gig-worthy amp; at least twice as loud, with headroom.
Its funny, they now have the version with the 8" speaker for $169. at GC. That's $80. less for the same amp but with a smaller speaker, in a slightly smaller box. At least that's a lot closer to where a toy amp should be priced. I would guess the difference in manufacturing cost must be less than 5 bux between the 2....