I've owned a couple of these amps and they are surprisingly fantastic-sounding.
I got into a discussion of it with Bobby Baldwin (Peavey amp engineer) and he made some great suggestions about the output coupling capacitor that were easy to implement:
"Basically, capacitors pass higher frequencies with ease, but lower frequencies have a harder time passing through. This means that your power amp puts out a little less in the low frequency range than it does at 1K. The other thing that happens is that when you start to clip the power amp with low frequencies, instead of a pleasant growl, you get a nasty buzz sound. The way to fix that is to use a larger capacitor, but...
The other thing is that capacitors can be inductive, especially electrotytic caps, because the plates are rolled into a coil. This means that your power amp also puts out a little less in the upper audio range because the inductance starts to factor in a little. Inductors pass lower frequencies freely, but tend to block higher frequencies. Just using a larger capacitor can increase the inductance because the plates can be longer, thus more inductance.
Ultimately, the output response of your power amp is sort of a bell curve.
This capacitor is also subject to high ripple current (rapid charging and discharging) because there is pure, high AC current passing through it all the time. This can dramatically shorten the life of a capacitor.
The way to get around all of this is to use multiple capacitors in parallel, one of them being a film capacitor so there is no high frequency degradation. The inductance will go down because inductors in parallel divide. The ripple current will also divide so you won't be stressing a single cap."
Implementing this idea cost me less than $5 in parts and made a HUGE improvement in the sound of the amp -- much bigger down low and more open on top.
See the attached pic; the coupling cap is located in the lower right hand corner of the power amp board. For reference, in the attached pic, the speaker jacks are in the upper right and the mounting tab for the filter cap is in the lower right.