The Ultrawave is as @rsmith601 all the things mentioned as well as a dual EQ and preamp, dual compressor or expander dual hi and lo pass filters in essence an audio tool box. Because it is truly a stereo device you can use the A side as a distortion source send it to a filter pedal or other modulation return to the B side for EQ or gating. Or anything else you can dream up due to the flexible routing options.
I am currently programming patches to go with my different recording basses to replace my dbx ProVocal channel strip for a more portable solution. I will have an ultra clean A side out as well as a warm to more saturated B side versions.
Currently I am also having a lot of fun using different Ultrawave distortion voices into my various envelope filter pedals especially paired with the Mooer Sweeper and Digitech BSW.
I, too, am programming patches with the Ultrawave that are clean, mainly compression, but also EQ. Today, I spent quite a bit of time setting EQ for an acoustic guitar on the EQ2, then for clean compression with the UW for something I was fiddling with on the acoustic, hoping it would go with a song I have already. Then hours later, after I decided to add a bass track, I set patches for clean bass on the EQ2, and UW, modifying ones I already had*. And I wasn't even really planning to record, but a nice lazy day presented an opportunity.
*Interestingly, each time, right after I saved the patches on the Hub and then switched through on the Soleman and engaged them on there, it engaged distortion on the UW on the 2nd channel. It did it on the guitar patch and bass patch. Because of what I found from the acoustic patch, I quickly sorted it, but kind of odd behavior, and similar to something I had noted with the UW before wherein, it seemed once I saved a preset, if I kept working with it engaged, the drive or distortion would slowly increase as if I were using an expression pedal but wasn't. Usually only occurs right when I'm creating/saving presets/scenes. Firmware is all up to date. I hadn't been making too many presets on the UW lately, since I've mainly been employing existing ones, mainly the clean compressed sound, trying to create scenes on the Soleman and Hub, and integrating all the other pedals I've gotten. And that problem hasn't been occurring, so it seems to be pretty much some weird glitch where the UW increases the distortion (or adds some in this new wrinkle, though maybe that's what it did before and I didn't catch that...) in the use right after creating a preset. Any other reports of this particular brand of wonkiness?