Hi Andy,
I tried it out at Rick Turner's workshop. First the caveat - I was playing it through an amp I didn't really know, in a room I didn't really know, so my assessment of it may be coloured by that, and by the fact that I had that very much in mind when I was playing...
that said, I really liked the effect it had on the sound - remember that this box was made to turn a range of fairly specific guitar sounds into another range of fair specific guitar sounds, so the effect on a bass wasn't to make it sound like a particular bass, or an upright bass... it was more like 'channeling' - one instrument taking on some of the characteristic of another. As such, the low end felt fairly muted, given that all of these were models of acoustic guitar bodies.
There's definitely no sample triggering going on - what happens, I think, is that a sound is recorded in a particular space, and the characteristics of that sound are mapped (in terms of reverb, tone shape, reflections etc etc.) and then those same parameters are recreated digitally, so the sound coming out of your bass is treated the same way it would be if it was a sound wave coming off the soundboard of a dreadnought or a D12 or whatever other kind of guitar....
I'd stop short of recommending it cold, because it was a very specific effect, even though the effect of each guitar model was very different - the way it messes with your signal, and the way it makes you adapt your playing are the kind of things that you'll either love or hate - I'd recommend trying one out - you may well love it.
See you soon, sir!
Steve
www.stevelawson.net