I had one, traded it for a Savage 120 which is a far better amp. As others have intimated, the money you are planning on spending will get you a much better amp than the PB1 in my opinion. The PB sounds good with V30s and G12h speakers.
The PB1 does punishing death metal rythyms and crystal cleans, but doesnt really excel at much else. Channel 4 is almost the same as channel3, just a wee bit squishier. Channel2 is useless. If you must go Engl, get the Savage 120 which is a fine amp, or the Blackmore, but I'd look elsewhere. With the money you have available, I'd look at a boogie Mark series and save yourself some cash. Either that or a Peavey 5150 III.