When I set the distortion amount anywhere from 9:00 or lower I am able to turn my guitar volume knob to very the amount of dirt all the way down to a glassy clean sound with only a slight variation in volume.
Yes, it is an incredible pedal. Sometimes you have to try several knob combinations looking for a good sound in pedals but the OCD each knob combination sounds great.
Mine is v4. I tried the v3 several times some months ago but I don't remember exactly the tones. Moreover it wasn't with my gear. Recently I found this video that compares the v2 and v4: http://www.youtube.com/watch?v=JI5_kdqhBX8