This is my first post to the forum, but I really want to recommend Deafelectormark and his mod. I had been playing my V5 through an old combo amp I have with an original Celestion G12-80 in it and it sounded barely tolerable with none of the feel of a real tube amp. After following this string for awhile, I decided I did not want to deal with doing a mod myself, but I really wanted to make the amp useful. So I contacted Deafelectromark and he walked me through the removal of the PCB (no desoldering needed on mine), which I sent out for mod. Meanwhile, I ordered and installed an Eminence Legend 1058 (highly recommended in The Tonequest Report and only $49.95 with shipping included). Mark turned it around within a week or so and I installed it with new JJ tubes ($12 apiece).
What a difference! It is not even the same amp. The bass is incredible, it is very touch sensitive and seems to sing with harmonic complexity. My Highway One Tele with a Glendale "twang" set of brass and aluminum compensated bridges sounds fantastic and depending on the volume, can do clean country all the way up to early Led Zeppelin. Surprisingly, I am not even missing reverb, as the complexity of the tone fills out the sound.
My reissue 1959 Les Paul Standard (Epiphone version, which is a very nice guitar for few $s; I compared it with many Gibson Les Pauls and it holds up well) with Burstbucker 2 in the neck and Burstbucker 3 in the bridge just screams. I can get a great Cream "woman tone" by cranking the volume on the V5 with the tone control at 5 (max treble) and the guitar tones rolled off, middle position with neck on 10 and bridge on 6. Fabulous overtones!
Last, but not least, my Jimmie Vaughan Strat loves this amp. If you set volume at 7, use the bridge or middle pickup and guitar volume between 5 and 7, it has a fantastic Texas blues sound. I can play it all night and never get tired of the interplay between the amp and guitar. Oh---and I can do this in the basement without complaint from the family, as the amp volume is reasonable. Having a total of $175 in the amp, it is a steal; and I didn't even have to heat a soldering iron. This a great way to go for someone who doesn't have time or inclination to get into the mods themselves. Thanks, Deafelectromark!
Update August 23, 2010: I now use a ElectorHarmonix Holy Grail reverb with the modified Crate and it is great!