As the story goes, the XXX was supposed to be a signature amp for George Lynch, but before it was released the deal fell through between George and Hartley Peavey. The original version (with the mudflap check) shipped with 6L6's and was stupidly brutal sounding. You could swap in EL-34's, but very few people went that route. The second and third channels had
very different voicings, with the third channel (Ultra) having a very scooped nu-metal thing going.
The second version of the XXX omitted the mudflap check (which was a stupid idea from the beginning). It shipped with EL34's and was vastly tamed down. The second channel sounded quite similar to the third (Ultra) channel. The Ultra channel just had more gain.
Yes, I owned both.
IMHO, no comparison. They were both brutal, but version one was an absolute fire breather with a wider array of voicings.