Well for me, the volume(master switched off) is dialed to 2 o' clock. At this point it's freaking loud that it's not really pleasing anymore unless you're a masochist. It'll work in a living room but in the bedroom you can really feel the treble strings' snap pierce your ears. When I'm using single coils the treble and cut(which is actually the control for hi mids) are almost rolled off with mids and bass set to taste. With humbuckers, I can set the treble to about 9 o clock and the cut to about 8 o clock. I have tried using the THD hotplate but I think with heavy attenuation, I never really got the feel and sound I'm looking for. I much better off with the master control but the cons is that you won't be able to optimize the power tubes.
Mind you, the Flexi is a bright amp and the EQ's baxandall nature needs some understanding to fully utilize. But once you learn it, you may prefer it over the typical amp EQ as it's range is much wider. Everything-at-5 doesn't work on it.
Now I'm using a Port City Twelve amp and I'm just getting the dirt from my stompboxes(Himmelstrutz). I would never have done this 4 years ago as I'm not really convinced with the pedals' feel and sound back then but now the pedals have greatly improved in emulating tube sounds that you'll be really hard-pressed to tell the difference between them and a tube amp.
Now the Flexi is sold, and with the decibel levels that I play with in my room, I find that what's really ideal for my situation(and I would assume for most of us) here in Singapore is a clean amp with a good headroom and some really great pedals.