Okay here's my thoughts on the sounds of the device and after using for several days.
Bottom line: I think it's a killer modeler with the most enjoyable interface of anything I've used and it sounds really good. It's the closest I've found to a virtual amp and pedal board. It could very well replace my other modelers and a lot of other gear.
Amp modeling
I'm a pretty basic guy when it comes to amp models but I'm really picky about the tones. I don't really need a massive variety of amps so long as the basics are covered. I want a couple black panel Fenders (Deluxe, Twin), an AC30, a Jazz Chorus, a Plexi, an 800, a BE-100, and a 5150 III. So just about any amp modeler today can cover what I need.
The tones on the TMP are pretty plug and play and everything I tried sounded really good. I did test out the Marshalls and I didn't find them overly dark like the early sound clips. I also ran the TMP in the loop of my Axe 3 and messed around with a handful of models. The Fender was very competitive sonically. It generally sounded like it had more bass/treble whereas the Axe 3 sounded like it had a pushed midrange. On the Vox AC30, the TMP was brighter than the Fractal but when I picked the AC30 Brilliant model they were really close with the Fractal sounding brighter. On the BE-100, the Fractal is notoriously really dark and muffled sounding where the Fender has more gain and is much brighter.
Then I ran my Friedman JJ Junior in BE mode through a Suhr reactive load into the loop of the Fender. I think the Fender sounds closer to the real amp than the Fractal does. With stock settings the TMP has a really chunky bass where the JJ has tighter bass, but that could be the EL84 tubes. I lowered the master on the Fender model and lowered the bass and it's closer. I did have to turn up the gain and bass on the JJ though. The Fender is also more scooped sounding, so adding a bit of mids and scooping the JJ mids a bit got closer. Lastly the Fender was a bit bright so I did have to turn the treble and presence down. But after that they were really close. And both cleaned up pretty similarly.
Cab modeling
I haven't messed with this too much, but I generally like the Fender approach. It's a bunch of IR's shot at four different spots on the speaker (cap, cap edge, cone, cone edge) at a handful of distances, with several mics, and on/off axis. To me it sounds more realistic than a single mic in the Helix cabs or Fractal Dyna cab. There's actual bass in the SM57 model like you'd expect and not just mids and highs. That's something that bugs me about a lot of IR's...you should be able to get a kick ass sound out of a single SM57 if it's well placed, and a lot of factory cabs don't do well at that.
Flip side, it's a bit more realistic which means it's less smooth and can have more of a woofy or fizzy tone than other factory cabs. High/low cuts are more essential but they are effective. Same thing with impulse responses, they seemed to have more highs and lows than on the Fractal. And stock volume setting is way louder than the factory cab which is annoying.
The dual cab or dual mic feature is really nice. It's basically two pages of the same thing but you can see the position of each mic at the same time, plus there's a really good blend feature that normalizes the volume. Every company should do that (kudos to Fractal). You can only do two cabs or IR's at a time but I never need more than that.
One thing I'd like to see here is a stereo room mic built into the cab section. That's really nice to have on units like Fractal, some Neural DSP, and Kemper's Space feature.
Effects
Like amps I'm more of a quality over quantity guy. The original firmware was lacking a lot of good effects but the current version feels nearly complete to me. There's a ton of variety in everything and it all sounds really good. I tried running effects with the virtual amps as well as 4 cable method with my Friedman JJ Junior.
Drive pedals have a ton of variety, like two kinds of tube screamers, two kinds of Klons, three big muffs, just a huge variety. They sound really good, on par maybe even better than Helix, definitely better than Fractal. I say this with love, and maybe it's the UI, but the Fractal drive pedals often sound very similar to me. Helix pedals have more variety, and the Fender has that same variety in sound but might be a little cleaner sounding.
Tons of modulation options including a lot of cool Boss effects. You get the CE-2 and DC-2 and all kind of other standards like the Electric Mistress and Phase 90. But you also get some different ones like the CE-5 chorus and Boss phaser and vibrato. Pretty much anything I'd like to use is in here. Maybe the one critique is some of the modulation effects don't have a mix knob which would be a really nice quality of life feature.
Delays are pretty good although I think there could be more here. You have the basics covered especially in mono versions, but because Fender tries to stay close to the stock pedal layout, you may be missing some stereo options or things may not work as expected. For instance the analog delay which is a DM-2 model seems to have some weird ghost noise that sounds like the chip is being overloaded. It's neat but would be nice to dial that out if possible. Some models make the whole tone kind of dark which again the original may do but I'd like to have the option to turn that off. On the ping pong delay, the high cut only impacts the feedback repeats and not the first repeats. So it's more like virtual pedals for sure but I'd like to sometimes not have those limitations. However there's a killer Halo delay which is amazing and probably does just about anything I'd need.
Reverbs are okay although I haven't gone deep with all of them. The older models are pretty stale and one dimensional sounding but some of the newer ones are much more interesting. The convolution reverbs sound really good but seem to be really DSP intensive. I think there's some improvements that could be made here. There are a lot of cloud and shimmer ones I don't use much that I'll have to try.
Pitch effects are cool but there's some latency. It has a proper Eventide Micropitch though! Just like the current pedal version, it sounds awesome too. Not sure why nobody outside Fractal has done a proper dual detune pedal but Fender has one now. The virtual capo is alright but all of them sound weird to me when I tried the new Fractal firmware against the others. The POG model is cool, I haven't used the real thing, but it's way easier to use when you can see the proper pedal labels. Still it sounds a bit garbled and has latency.
Overall Thoughts
I've already talked about the UI earlier but as I said it's fantastic. Being able to see the actual amps/effects at a glance is killer, the knob switches are PHENOMENAL, extremely intuitive to use. When you add a model from the effects list you can preview the tone and the first page settings can be adjusted with the knobs where the scribble strips tell you what you're adjusting. And they work so smoothly it's just great. It truly feels as close to using a real piece of hardware that I've tried.
And to me that's what I've been chasing. Maybe it's no secret but I've been really burned out for a while and it's cut into my enjoyment of playing and creativity. My current job is much more demanding than it used to be a couple years ago so I have less time to screw around at my home office and less mental energy at the end of the day. I spend 8-9 hours a day working at a computer so I don't want to touch a computer if I have 30 minutes to play guitar. I've been buying and selling different things so I can have something much closer to the experience of playing a proper amp and pedals but without having the downsides like volume and pedalboards and power supplies and all that crap.
So far the Fender TMP really is the best modeling experience I've had, but I do need to give it time to see if problems develop. Not like defects, but do I find shortcomings in the amp modeling, or is there a particular effect I use all the time that isn't on the device that I forgot about. But right now I could see myself selling off the Axe FX 3 and tons of other gear and just settling in with this for a good while.