Both, sort of. It's pretty versatile - it has gain and master volume controls, a 3-way "bias" switch, a 3-way "gain" switch, a pentode/triode switch and Power Scaling. $% knows what they all do... :?
However.... this will sound really stupid, but I honestly don't know if it actually sounds any good, my playing is so terrible (I don't think the 8" speaker helps, even though it is a Celestion). Which is why I was so reluctant to admit to owning the damn thing. :oops: