Ive been using it for over a year, was my first effects purchase. Gig with it about once every month (playing decent size venues of about 2-700 ppl), and play a Music Man Sterling. Bought the pedal because my band plays an array of styles (which has since narrowed) and I wanted unlimited options. Did similar research and made the purchase on its strong reputation.
Here's what I've found - pedal is great and did everything I asked of it and more. Each effect is modeled after a real pedal, which is also a huge plus. If you have the time to create your own sounds in the sound bank then your possibilities are endless. Moreover Boss provides its own pre-programmed banks which were great. Standouts for me were the metal fuzz (almost synth like tightness), muff fuzz, octavers, and flanger/phaser. Also the mid boost is great, used it for slap and reggae.
Another huge plus for me is that it is my practice unit. With the headphone jack as well as the audio in I can jam out in my apt without running an amp and waking up the neighbors.
In all honesty I am in the process of switching it out of my live rig. While the EQ is a great feature, Ive had the sound guy at two gigs tell me they are getting a flat sound with little tonal character when clean. Went straight to the DI box just to test, and my bass's tone was back (bought the Music Man for the bright tone). Not sure if its the settings or what, but at this point Id rather run straight with a single distortion (all I use) pedal and keep things at clean/analog as possible. I also play through house backlines, so my next purchase is an MXR M80 DI to keep things consistent.
But if you want an array of effects to play with, this is absolutely the way to go. IMO best multi-effects unit out there. Also its a tank - twice now I've picked it up out of puddles of standing beer/bar/party sludge and it still works like a champ.
Hope this helps.