I knew a lot of guys "back in the day" who only owned one amp, myself included. I had a JCM 800 and a 4x12 and no other option so I used it as a "bedroom" amp, and it was just fine. You lost a lot of the midrange goodness, and it gets a little fizzy, but you can keep a surprising amount of punch at really low volume with a 4x12. I never had the Power Soak (too much wampum at the time for starving me) but a couple of my friends did and they fared even better.