Much better with the presence turned up! The blanket has been removed.
Where the knobs are set is usually dependent on which guitar that I'm using... Generally speaking the amp and cab combo is very bass heavy, so I tend to roll the bass down to about 10 o'clock. If I feel that the bottom end gets a bit flubby, I tend to trim off bass until it's tight, so it's not a position thing as much as an ear thing.
Miss I move from around noon to 1 or 11 o'clock. Treble around 1 o'clock. The amp is really simple to dial in to taste, which is why I love it.