Some suggestions to the most recent posters:
1. Yes the freezing is taken care of in the most recent firmware, so please be patient.
2. I'm powering mine off an old Boss multi-power thing, and it works great. Last time I used batteries on stage I swore off them because of the problems that can occur so I'd recommend against them anyway just for reliability purposes.
3. I play a passive jazz bass, and have zero problems with signal level. So you play quietly? Crank up the gain so it can track better. Remember it's a synth pedal so chances are very little of your clean sound is going to get through anyway so you can afford to be a bit more aggressive with output and gain to make the most of your effects.
4. Yes, the presets are pretty useless, and I'll quite easily admit I will not use a single one for any purpose whatsoever aside from using as a base for my own effects. They are there to show off the range of possibilities, not to actually be used live. Otherwise why give any option to alter them?
5. Please, please, please don't give up on the pedal until you have put a decent amount of hours and effort into getting to know it and use it effectively (I suggest 10+ hours). You wouldn't have given up on playing bass if you couldn't master it in one or two sittings, so why wouldn't you give the same courtesy to a completely new piece of equipment that is almost as important in your playing?
If it's not important at all, then why did you buy it in the first place? $550 is a lot to pay for a curiosity! I for one will be putting in the time to get the sounds I want out of it (which I know I can get), and will reap the rewards of that effort. Will you?