The Colour Box V2 has all the same functionality of the V1 with many additions and improved features like expanded EQ controls, a Hi/Lo switch for massive clean headroom, and the ability to pass phantom power to your condenser mics.
The Gain section in red has three controls: Master, Pre-Vol, and Step. The Master volume controls the overall volume of the unit. The Pre-Vol controls the amount of gain between the two internal gain stages. This acts as a "drive" or "gain" control, adding more grit, distortion, and even fuzz as you increase the gain.
The Step control increases the gain of each preamp stage in five stages. Rotating the Step knob from left-to-right will increase the gain by the following: 1st is +18 dB, 2nd is +23 dB, 3rd is +28 dB, 4th is +33 dB, 5th is +39 dB.
The Colour Box V2 has a new Hi/Lo switch to control the amount of clean headroom you have available. In the Lo mode, you will easily be able to get ultra clean sounds without breakup. Lo Mode is excellent for tone shaping when distortion is not needed. In the Hi mode, the Colour Box V2 will distort much more readily, giving you a broad spectrum of overdrive, distortion, and fuzz sounds.
In addition to the Hi/Lo gain switch, there is a -20dB pad switch on the right side of the Colour Box V2. This function only works when in XLR input mode and can help tame the volume for high-output microphones.
The EQ section in blue has three Shift controls correlating to its standard Treble, Middle and Bass…
controls. The Shift knobs adjust the range of frequencies that the Treble, Middle, and Bass knobs control. The center frequencies for the Shift knobs are Treble 10kHz, Middle 1kHz, and Bass 120Hz, while the Treble, Middle, and Bass knobs boost or cut with +/- 17dB of control.