I have a Peavey Classic 50, in the 410 version. The reverb is alright - nothing to write home about - but the amp itself is a great workhorse. I liken the Peavey Classic line to the Guilds - the underdog brand, but built to last (and to be played!).
I put JJ tubes in the 410, and added a Weber Mass, so I can crank the baby without waking the neighbors in the next state. The just-barely overdriven clean channel sounds really sweet. But I agree with Walter - the drive channel leaves a bit to be desired. So I basically treat it as a one-channel amp, and put a stomp box in front for drive.
The stomp box I use is the Fulltone FullDrive, which can act as just a boost - oh man, when I crank the clean channel and add the boost, I get some lethal overdrive that's gotta be heard to be believed. Beats the pants off of the drive channel (not that hard, considering it wasn't that great to begin with).
$350 is a pretty good price, but I don't know how the 212 version sounds compared to the 410.