No, there's no "true bypass" but the basic bypass (it's just a preset with everything turned off, easy to make even yourself) doesn't IMO color the tone nor add noise. If you're paranoid you can get a looper pedal with true bypass and put the POD through it
Of course you can put normal effects before or after the POD (preferably before) but that'll just cause some extra work if you are into changing presets in between songs. I assume that that won't be a problem for you. I mean, I have my distortion in my AX3000B's FX loop so that I can make some presets use the pedal and others not without having to touch the distortion pedal itself. On the other hand I use the Korg as floorboard as I did with the XT Live as well.
Compressors are OK (both the default compressor and the stomp effects), I could live with them. Plenty to choose from.
If the POD is real cheap there's no reason not to buy it since you could get it sold for the same price for someone else if you don't like it.