I happen to have both of these fantastic pedals sitting in front of me and I've been A/B'ing them all day to think through my set up for a gig tomorrow. I'm definitely more of a 6505/5150 guy than a Mesa guy. With that in mind, I wanted to explore some of the latest pedal tech out there.
Here are my observations for those interested:
The TM has more gain and much more tweakable high gain tone. It does the 5150/6505 thing about as well as anything you could imagine. It has a wonderful noise gate that's super tweakable and as a pedalboard rig, the added effects loop is interesting. At "bedroom levels", this has the chunkier fatter chugga chugga thing going for it big time. It's a one trick pony, but damn that pony can do some amazing things.
The P2 has a more versatile gain -- in fact, at lower levels, with a little knobbing around, I bet you could fool yourself that it was a bl00000z tone and hang with some attorneys. The P2 has a decent clean pre-amp when you plug a cable into the pre-amp output so you're really switching from a clean pre-amp to a dirty pre-amp. I think this is a really awesome feature if you're going into a Quilter Power amp, EHX44, or something similar. You're not JUST stuck with distortion, but you have some tweaking on the clean side as well. I guess it's a function of how badly you want a clean pre-amp.
Anyway, the P2 has a little less tweakable setup (3 band eq, no noise gate, switching, effects loop) but there's a lot more versatility to it. I guess it's reminiscent of a Wampler Pinnacle or something similar (maybe a bit more gain than that, but I don't have anything handy to A/B). It's just not the peel your face off that the TM delivers. I read someone somewhere say that the P2 has more than enough gain, and I'd have to agree.
So tomorrow, I'm going to go with the P2. I have it on a nano+ with a TC Electronic Polytune mini, TC Electronic Spark, and TC Electronic HOF. I can jam a delay and a comp on there and do a whole host of gigs from clean to bl00000z to country to face melting (but I like the face melting best). Can someone smarter than me suggest an order for these? I was thinking (but I suck at this stuff so sorry for being stupid ass):
Guitar > Polytune > P2 > HOF > Spark > amp ?
Anyway, I'm keeping both pedals. Something about the TM is a bit more legit to me, so I can't let 'er go even if I don't have as much use for it for now.
Yep, love my P2. Great preamp!