I think this pedal is widely misunderstood. Unlike the classic rock phasers of the 70s, the Phase90, Small Stone, even the Boss PH-1, which are all 4 stage phasers, the PH-2 is a 12 stage phaser. 12 stages produce a somewhat artificial sounding 'in your face' tone that overbears your signal. Simply put, this phaser isn't really made for rock. It's for funk, reggae and similar or experimental styles. If you want a phaser that doesn't touch your tone but makes a subtle whoosh while you strum a few chords look elsewhere. If you want a crazy phaser that makes your guitar indistinguishable when it's switched on it's one of the cheapest you can buy.
However I'm mostly posting this review to warn other users against tweaking an internal trimpot in the effect, which some reviews have recommended doing to introduce more bass into the effect. Out of curiosity I decided to give it a go, thinking if I didn't like the results I could always set it back to how it was initially set. The tweak did introduce a fraction more bass into the effect, not enough that anyone who hates the effect would suddenly love it, but what was not mentioned in any of the reviews encouraging me to mess with my pedal was that my pedal would develop a momentary rushing whoosh that would sound each time the pedal was turned on - no more silent FET switching. Not liking this side-effect I tried to set the trimpot back where it was, but the pedal continues it's new whoosh regardless of where the trimpot is set - ie it's permanent. It was only after the fact that I learned that Boss pedal really do not like having their trimpots tweaked. Many a DM-2/DM-3 have been ruined by people mistakenly believing that Boss were hiding an extra 100ms of delay in these pedals, that could be accessed by simply turning a trimpot. These pedals are usually set by an oscilloscope, and once moved need to be reset on one. Perhaps other reviewer's pedals did not develop the annoying side-effect my pedal did, but I urge any owners thinking of tweaking the trimpot to reconsider as my pedal is now impossible to switch on mid song given the noise made. Tweaking the trimpot wont turn it into a PH-1R. It barely changes it. If you're on the fence about this pedal this won't bring you over. Better to just sell it.
I quite like this phaser. There are a lot of boring 4 stage phasers out there and this one doesn't sound remotely like them, so it's commendable on those grounds alone. I also have a Boss PH-1R which is more conventional, or an everyday or workhorse phaser. The PH-2 requires a bit more imagination and creativity to use. It's a pretty unique sound in the sub $50 price range. A Moog no doubt sounds better but it'll also cost you over $200 new.