Edgar,
They are 'standard' pots. for the vintage of the controller..
The large transistor (bolted to the metal plate, by the transformer) is what controls the output.. - The pots. give a small control-signal to make the big transistor alter the output voltage.
The 'VA' rating is (this is a simplified 'lie to children') equivalent to the amount of 'power' the unit consumes. - Roughly 60 Watts..
If (to make the maths. easy) we assume the unit is 100% efficient:
If you are only taking power from the variable output, and this is at 12V. then you can draw (theoretically, remember) 5 Amps.
12 Volts X 5 Amps = 60 Watts.
From what I can see of the 'innards' of this unit, there is nothing that suggests it is more than a perfectly adequate 'Old-School' linear controller..
It might get a little warm, but I would expect you could draw 3.5-4 Amps from it, for the length of a running session, with no problems.
So will run your two-motor loco, etc. without a problem.
I would quite expect it to continue to operate for many years, but could fail tomorrow. - As most electrical units!

Check the state of the power-cord, and plug, especially if the plug is rewireable (are the connection screws inside still tight?). Is the cord frayed, or floppy, where it enters the unit. - Stress here can break the individual strands of wire.
Looks like a two-core power-cord? - So the metal case is not earthed. This would be frowned-on, today. But hey! If you touch it, and get a 'rattle', then it is time to bin-it!

Enjoy it (and the trains) with your Son, and mentally put yourselves in an early 'Father and Son together' train advert.
Enjoy!
PhilP.