I have a Blues Junior ("green" circuit board variety made around 2001). The version of the amp I have came with an Eminence speaker which is reportedly designed after the old Jensen C12N speaker. Eminence didn't quite get there. This speaker has a real "nasal" quality tonewise, IMHO. I installed a Jensen Neo 12 and now I like this amp quite alot. The Jensen Neo has a 99dB sensitivity rating so, in other words, you'll get more SPL out of amp without overloading the amp. This is the opposite of what many people want from this amp. Many want the amp to overload without much SPL and would prefer a less sensitive speaker to make the amp work harder, so to speak. It depends on what you want out of an amp. The Jensen Neo just took a pretty significant price hike and that speaker will cost you well over $100 now. You need s replacment speaker with shallow depth (5 in. or under) as the Blues Junior is short on interior volume.

I'm sure this Peavey is no different than others and is made by Peavey and it comes with a particleboard cabinet so it is sure to be quite a load to lug around for a combo amp, and tube amps are generally heavier to begin with. If you want high SPL for hard rock, I'd say you'll like the Peavey better, and especially the 2 x 12 version. If you want a good-sounding, very portable low Wattage tube amp, that can rock when you heat up the front end with an overdrive pedal. the Blues Junior will fill the bill. But for larger venues you'll have to mic the amp and run it through the mains. This is the primary difference between the two, even if you judged them to be tonally similar (which I doubt that you will).

I play USA Fender Strats.

As you may already know, the next step up in the Fender line is a Hot Rod Deluxe, but it will cost you $250 miniumum more at retail. You might want to check around for one of these used. You might also look at the Peavey Vintage series. Again, an overdrive or distortion pedal can provide the extra crunch you might need for hard rock.