I've used the "Line 6 X3 Live" for several years, I run several instruments through and love that I can bring up virtually any effect I want. I use it for live and studio recording and have had no problems.
I do have to tell you that there are "haters" out there and will automatically just say DON'T DO IT.
It depends if you have a dedicated sound in your rig or amplifier that you depend on. What type of gigs do you do, is it a cover band or are you doing original stuff? If you do just covers or sit insthis will be fun for you, and save you lots of money in the end, especially if you do sidework and nothing more. If you are looking to craft your sound and have a living room of equipment then maybe not. Although I have used this to create my sound and have gotten more compliments since I've switched. Even had a band leader say "thats the bass sound I've been looking for" and his bass player didn't seem so happy. (oh and that night I ran straight through our PA and no amp"). I think in the end it's where you are at in you BP career and where you intend to go.
I am an electronic musician so I run my fretted and fretless, Korg Ds-10 and all my VST through it.
I loved it so much I bought a second off of craigslist as a backup.
But in the end it's up to you, if you just want to grab a chorus, reverb, distorted effect without knob turning this will work. But if you are the ultimate knob turner and spend time on the sound you need then maybe not. Although I do have to say I am a knob turner and that ability to constantly save and backup my settings on my laptop (which also runs my VST's ) without having to write down every little move is a plus.
u can pm me with any questions you may have...