I finally have my first brew fermenting in the Sovereign as we speak... a big stout. The construction is very nice, maybe a tad on the thin side as far as the metal gauge. The bulkhead / valve design is nice as there are no internal threads. The racking arm does indeed rotate. I will have to measure the clearance from the tube to fermenter bottom. I think what I like about this most, is the massive amount of headspace. Looking into the fermenter high krausen was probably 6-8 inches tall, yet it never reached the lid or needed a blowoff tube. The flat bottom doesn't bother me.
As previously mentioned, the lid bung is very sharp and chews up the stopper. The lid where the stopper goes is stamped flat, which makes for adding a weldless TC bulkhead very easy. There is room for a up to a 2" weldless bulkhead.. I will post when I add that.
Also unlike SSbrewtech, these fermenters can and do go on sale. I got mine for about 130 shipped. So even when I factor in the money to add my TC port, I am still (in my opinion) ahead of the brew bucket features... as in order to get a TC domed lid on the brew bucket you are adding 50-70 bucks to the 199 base price.
I also can add this to the Sovereign...
http://www.norcalbrewingsolutions.com/store/1.5-Inch-Tri-Clover-Blow-Off-Tube-with-Thermowell.html