I am using it in front of a semi clean Matchless combo, with teles and strats. I have no idea if it sounds like a real Magnatone should (never played one), but I can dial in a sound that gives me "more" of my sound from my setup.
My goal was to add some grit from the pedal to my amp and add the vibrato as a always on effect. The vibrato...oh my god, just SUBLIME! The vibrato sounds just fantastic with pretty much all settings. The sound is super organic, expressive and "alive". One can "feel" the sound, not only hear it.
The only negative thing I can think of is the high price. But to be honest, the price is justified because the of the great sound, superb build quality and the fact that the pedal feels, behaves and sounds more like an amp than a pedal.