I used to use the orange version (deluxe?). Loved it, although it worked better with some basses than others. My favourite setting had the gain low, about 9 o'clock, and the freq knob quite high as I prefer the distortion around the upper mids and treble.
This blended equally with the clean gave me that 70s Proggy sound I love.
The compressor was always on for me as well as it really helps to knit the two tones together.
On top of this you have the option of running other pedals in a loop on either the clean or distorted side. Or both.
I only sold mine when I bought my Tech 21 dug. A very expensive pedal require the sale of another sadly! But I'm thinking of buying another and running an EQ pedal on the clean side to roll off the highs to increase the feel of an old school bi-amp setup.
There are lots of demos on Youtube, but Billy's own ones for EBS are probably the best.