Jeff; I'm not really using the PSA-1 the way it's meant to be used, so I'm not sure I can provide a useful review.
The fact that it is midi controlled was important to me, and I use my foot controller to switch between presets that I have set up on the PSA-1. I was looking for something that would give me the option of more of a tube overdriven tone when I wanted it.
I have the PSA-1 in my chain after the F-1X and SF-2. Personally, I don't think I would want to use the PSA-1 as a stand alone bass preamp, as the basic tone controls are not flexible enough. So I use the F-1X and SF-2 together to set up my basic curve, and I leave them alone. I then have a basic clean setting on the PSA-1, which is a little more saturated then the tone would have been without it. I don't use the bypass on the PSA-1, as my effects are in the PSA-1's effects loop. In addition to my clean setting, I've setup two other presets which are not much different than the clean setting, just a little more saturated in different ways than the clean setting. And I'm still learning to work with it and plan to develop some more settings that will be useful for me.
The PSA-1 is the last thing in my chain before the power amp, so I can use the direct outs if needed.
At the moment, I'm happy with my tone; and the PSA-1 is a part of it. So to answer your question, I like it; it's a useful tool. And it seems to me that if I keep working with it, I should be able to coax some more stuff out of it that I'll be able to use.
For me, in the way that I'm trying to use it, I find the PSA-1 to be extremely complex and sensitive. There are five different gain controls that work interactively. The thing is designed primarily to emulate Marshall, Mesa, and Fender guitar amps; and there are 49 built-in presets with different amp and effect emulations. All of these sound pretty cool, and none of them are things that are useful to me. So it's going to take some time for me to get a feel for how the controls interact with each other so that I can design some useful presets.