Actually bit of both... quoting Santiago below...
"When I joined M back in 2005 they already that a plan to upgrade the TSL and make it the new flagship. The starting point I was given to "take a TSL and add a 4th channel with more gain", so pretty much I took a TSL, put it on a shelf as reference and got a JCM800 2203 as starting point.
I always found the DSL a bit boomy/loose on the lower and scooped or perhaps fizzy. I understand that it records quite nicely and for some rock music is very good but it was just not my thing (apart then being an engineer it always bothered me the mess of wires inside...). Actually the DSL has 1 more gain stage than the JVM but I'd say the JVM is tighter, heavier than a DSL
It is actually a completely different amp to the DSL, there may be some similarities like the tone controls and cathode follower but I haven't used any DSL circuitry in the JVM, not even the transformers, we went back to JCM800 magnetics."
Also talking about the Satch Model...
"The HJS is, at end, quite different to the standard JVM. It has less gain, it is more open and less tight. A bit darker too. As Joe always says, he needs to play single notes for 2h every night and a more metal-style amp can get tiring. He also likes the amp to respond in a certain way to the way he picks and attacks the strings but, with a bit of boost you can get the amp quite tight and modern sounding too."
His thoughts on transformers and tubes for the JVM...
"The quick answer is no, you won't notice much. You may try the choke if you are inclined to modify something but I wouldn't change the transformers unless you have problems with them. The change in tone replacing the mains transformer with one designed for the amp (with the same voltages) won't accomplish anything, changing the output transformer may have some subtle differences but for the cost of changing all that I'd rather change pickups, speakers... I'd go for the 'feedback mod' rather than even considering to change the OT.
The 'best' modern EL34s were the old Svetlana, the winged C ones, but they don't make them anymore and since then it has been a bit of hit and miss. I'd probably go for JJs myself but I've also tried and used for quite some time the EHs."