Joey; I picked up a used M2 contoller and two S18E-C cabs. At first, I couldn't get the sound up very loud before I was hearing distortion, but eventually figured out that the problem was the controller reproducing problems that the reverb unit was causing. Once I rearranged my signal path, I was able to open it up.
And yes, it really works. I've only had it on one gig so far, so most of my experience has been at home practicing; and I've only had it a few weeks. I'm running a full range signal into the controller, with the high end going out to a 2x10 and the low end going to one Elf cab. At home I'm using a Bag End D10X-D, which is the sweetest cab I own. With the Elf system, the low end is really clean and even. To me, the difference is amazing when practicing by myself at home. Playing E major pentatonics from an open E all the way up the neck is very even and seamless. However, while it is to me a substantial difference, it is, in the overall sound of course, subtle. On the gig, I took one Elf cab and one Eden 210-XLT. Usually, I like to take an Acme Low B-2 with the Eden, because the Acme has a much nicer low end than the XLT and the two of them match up well together. But the Elf made the same difference in the club that it did at home, a nice clear and even tone all up and down the neck. The guitar player noticed the difference and said that the low end had a much rounder tone, and I can see why he would say that; the quality of the tone is much nicer.
The addition of the Elf has changed how I work with my filter and Q switch settings on my bass; and I'm still practicing with finding the tones I want for certain styles. For instance, one thing I practice a lot is a medium tempo funky groove out of A where I'm trying to get a fat tone with lots of bottom on the low E, G, A, C and D but sill have enough high end to get a nice snap on the A in the second fret of the G string. It's the same type of tone I use on
Chameleon. After adding the Elf, I couldn't find that tone at first, but I've been working with it and I'm starting to get it back with the benefit of a much nicer low end altogether. However, on something mellow like Elizabeth Reid, the Elf difference was apparent from the beginning.
Recently I'm playing small rooms, and the bass is not going through a PA. And I'm playing in a trio with a guitar player who has a fairly clean tone. Matthew wrote above about the bass rig being a stage monitor; but in my case, what the audience is hearing is the bass rig itself, and a lot of bass guitar at that. So I think in my case the Elf system will make the listening experience of the audience that much better.
I hope that gives you some idea; I feel like I'm kinda rambling here . I did pay a lot more than Danno is asking, so I would recommend shooting an email Danno's way. Also, since his playing situation is totally different from mine, I'm sure his opinions would be quite valuable. That 18 does weigh a bit more than the Acme; so part of the cost for me is that I'm carrying around more weight. And for what I paid, it seems like a lot of money for a subtle difference; but then I'm sure that's what I lot of people think about buying an Alembic ! In short, so far I love it; and I think it's going to be the missing piece of the puzzle for me, a consistently high quality low end. As far as playing larger rooms with louder bands, I just don't have enough information to know yet.