After playing the 2nd Gen this afternoon, I'm sure that the Fender won't be sticking around, but I'm starting to think that both the 1st Gen and 2nd Gen will have to stay.
Playing the two vintage T's side by side is really instructive. They sound VERY different, but I love both for different reasons. For me, the 1st Gen is a superior guitar amp; the tone is massive but articulate. I like the bass tones I get from the 1st Gen as well, but it's difficult to get a clean bass tone. I like a good, crunchy bass tone as much as the next guy, but it doesn't work for every situation.
As for the 2nd Gen, the guitar tone is a bit harsher than the 1st Gen. The distortion doesn't sound as musical. Don't get me wrong, it still sounds quite good, but it has more of a biting high end that I wasn't crazy about at first. Though, as soon as I put a dirt box in front of the amp, that biting distortion transformed into a tight, crunchy, almost thrash-like, high-gain beast. The 2nd Gen seems to be a bit "hotter" than the 1st Gen, at least the amps I'm playing. With a bass, I REALLY like the tones I'm getting out the 2nd Gen. Of the two, I think this will be my go to amp for bass.
The verdict so far: They both have unique strengths and weaknesses, but they compliment each other well. I'm couldn't be happier with the pair.