you can either set it so that each stomp pedal is a completely different patch (different EQ, amp/speaker sim + effects) or you can go into a single patch and have each of the pedals control a different effect.
It has pretty much all the effect types you want/need (chorus, delay, od, reverb, ring mod, and a bunch of others)
It also has fairly flexible signal routing options and parameter controls
cons are that the effects dont sound the greatest (especially the synth and wah effects) and it is a LOT of tweaking and saving and testing. I never used it in a live situation but I can imagine it could be a major pain to adjust something on the fly.
I had one for over a year then switched to single pedals. I'd probably pick one up again just to kick around again after I've had more experience with singles and in a band setting etc. If you can get one cheap go for it. It'll give you a good idea of what each effect sounds like and how to control them, but it will be very time consuming and possibly not the best live situation.
