There have been ALOT of issues with these amps and if you check out the Peavey forum, you'll see what I mean.
http://forums.peavey.com/viewforum.php?f=33
Sounds like GC sold you a return. I'm sure they'll exchange it for you.
I suppose I'm lucky. I got a Vypyr 100 a few weeks back and I've had no issues at all with it. Based on what I've read though I'm the exception, not the rule.
In my opinion, the Vypyr amp models are some of the best I've heard compared to comparable products from Line 6 and Vox. The effects are decent but (again in my opinion) could use a little "refinement". The controls are fairly simple to use one you learn how they're configured but don't even think about using the amp live without the $200.00 Sanperra II pedalboard.
My two biggest gripes are that the 2X12 models are not stereo and the build quality is not up to Peavey's usual standard. I doubt that these amps will hold up very well when gigged regularly.
Having said this and considering the relatively low cost of these amps, I think the Vypyrs represent a very good overall value for a practice/recording/small/ocassional gig amp.