Great amp!
Sounds really really close to my JMP50 2204. I think the JCM1 might have a hair more gain, also it doesn't lose all the low end when you turn the preamp gain down (I have tweaked my JMP to fix that though).
The Jubilee mode has more gain again (definitely sounds like diode clipping), and a bit darker. I can take or leave it, prefer it off for sure but I've found myself using it for bits and pieces.
The EQ controls provide useful tone shaping (just as with my 2204), and I'm digging the 0.1w/1w switch. 1w can still piss people of definitely, 0.1w is perfect for late night.
I find it looks a bit too twee (!), and I would love it to have an effects loop (even though my 2204 doesn't have one).
Is it worth the £470 I paid for it? Big question... I'm not sure at this stage, but this little thing definitely sounds great and has a manageable volume level. I can hear the power amp distortion which never happens with the JMP ;) Probably its better for me than the JMP50 actually, it sounds every bit as good and alot more practical for what I use it for. The JMP50 has alot more of that EL34 roar of course - but I never actually heard that very often!!
Now in order to get approval for this I've indicated to the missus I'll sell the JMP50, my 1912 cab, my Lead 12, my Sansamp PSA and also my Marshall 20/20. I must admit it probably is time to downsize a little on the amp front.