Finally had a chance to use the JTV-69 in an ensemble setting and am pleased to report that everything just sounded great! Although the new strat models have noticably less "squank", they are also more realistic to my ears - particularly at high volumes.
The 12-string Rick is different, but seems to be free of a lot of the tracking artifacts of v1.9. Les Paul (all 5 settings) is a huge improvement. Under 1.9 this model sounded like a strat with humbucking pickups trying to be a LP. Now, while not perfect, it's much more believable - particularly with the highs rolled off a bit.
All in all: Nice work Line6! No complaints from me.