The presence knob really makes a difference in my Marshall JTM60
Combo amp. *It really brightens the sound. *I have it set 3/4 up and depending on what I want to play, I adjust it. *
Personally, I'd define it as a 'crispness' knob for my JTM60. *Huge, *huge change from min to max. *Never messed around with the presence knob on my JCM800 or V100 - probably because they're so high up I can't reach them on my stack! *I think I have them around 50% and leave em.
Gabe