The unit is very versatile. You get a lot of bang for your buck. I highly recommend it for that reason. Lots of effects and a variety of thing you can do with it. Excellent piece of equipment for a hobbyist.
Here are the drawbacks as I see them.
First, it's a noisy unit, even using it just as a preamp with no effects.
Second, the reverb really masks the tone. If fact, managing tone is a constant battle with the unit. I found this to be particularly true with the distortions. It requires a lot of attention to detail to get the tone you want. But you can eventually get it.
Third, patch changing on the fly is not good. There is a good delay time between patch changes which is really annoying. That is the primary reason I am moving on to something else.
Fourth, the sound of the effects are so so. You can't argue with the fact that you have so many at your finger tips and with manipulation you can do so much... but I wouldn't say any one sound is a stand out.
(I run my guitar through the following chain - Patch bay, volume pedal, crybaby, Roland GP8 for distortion, SGX 2000, then into a Fender Twin.) I use a hum eliminator along the way.
It's been very dependable for me. I give it a ten.
Overall, I rate this a 7.
For a low cost used piece of equipment, you really can't go wrong.
You may get frustrated with some things (tone, noise) but you can't argue with the fact that it offers so much.
I may continue to use it in my setup... simply because it is so functional. But, I wouldn't pay more than $275.00 for it used (january, 2001)