I think it definitely has potential, never heard any bad reviews of it from actual owners. The whole issue with the blend sounding like two different sounds playing at the same time affects all fuzz pedals with a blend, but the sound meshes together more when you play with deader strings or put mild overdrive before or after it (or play into a tube amp). I think a blend is crucial to retain some dynamics in the sound rather than a 'fix' to try and retain more low end. The demos I've seen don't sound too great because he was using a really bright Jazz with the blend favouring the clean side.
My favourite fuzz (and I've tried a lot) is still the Bass Big Muff with the clean blend mod. The fuzz itself has more than enough low end, but I mix in a little bit of clean to give me more growl and dynamics when I dig in, and it all sounds blended together and natural. I reckon the MXR could pull off similar sounds when used right, plus it can get more raspier/synthier with the gain cranked.