While I do love this pedal and use it a lot, it has some very serious issues that make it challenging to use in a real-world setting. As you mentioned, tracking is problematic, but latency is also very real. It's challenging to not only drone away on 16ths because it doesn't catch all of them, but if you have a quick moving line you will miss notes because it only tracks one note at a time and you can't predict which one it will be.
Despite that, I still absolutely love this pedal and use it a lot. But I'm in a cover band playing a backing synth line for Party in the USA. For a 2-piece band that really relies on the bass to provide all the sound I wouldn't trust it.