Before I bought the Memphis, I had a Epi Dot and a Sheraton. While good low-end guitars, neither holds a candle to the Memphis. Play a Memphis and you'll soon realize why it's an icon. I play through a Fender Princeton with an Okko Diablo - tone heaven. You can dial in any tone you want, and then some.
If you're torn between an SG, an LP and a Memphis, get the Memphis. Tone-wise, it is far more versatile. You won't be sorry. You just won't be able to put the M-Dot down.
Just remember that the Memphis has jumbo (high!) frets. They take a bit a getting used to, but once you do, there is no going back.
P.S. Sweetwater is tops. Their product quality is always superb and their packaging is the best in the business.