Generally I'm impressed with the sound of the pedal. Some reviewers have commented on the pedal changing their guitar tone adversely, and latency issues, and yes it does do this to a small degree.
I think the user needs to know what they expect from this pedal. This is an artifical way of down tuning a guitar, so it will never sound the same as actually manually down tuning the guitar itself, however, it does get extremely close.
The notes track very well (double checked this with a tuner) and it picks up all the nuances of your playing IE: hard and soft picked notes, harmonics, squeals, sustain etc with no clipping.
It can also cope with single notes, power chords, full chords and fast soloing.
I must note here, that to get the best from the pedal, you need to play notes and chords acurately, but this is a good thing as it will only improve your playing
You do get a little more bass in your tone the lower you go with the pedal, but the same would happen if you tuned the guitar down anyway as the lower frequencys take over. This can easliy be sorted by tweeking your amp settings
There is a small amount of latency in the output, but this ranges from vertually nil at 1/2 step down, to a small amount at the lowest setting. This isn't really a problem, as it feels more like a slower attack on the note due to slacker strings, the same as you would get from being tuned down that low anyway.
I did noted that on the lower tuning settings, the sound seems to blend with the octaver a bit and become more processed, but you still get a very usable sound.
The octaver function is good, but there isn't any way to alter it, as you might do on a dedicated octaver pedal. I don't tend to use octavers anyway, so it's not really a problem for me.