GET IT DO IT ENJOY IT!
I haven't played the tc electronic flashback, but it looks sweet, has several settings, it's true bypass, and it's got a loop function.
I have the boss DD-7 and I love it, it's the same price range as that flashback, several settings, loop function, it's not true bypass, but it has the extra jack for a tap tempo pedal which IMO is very good to have. Don't buy a tap tempo pedal, you can build one from radio shack parts for $15, or build a nice one for about $20, rather than buy the boss brand tap tempo for $40. The loop function is pretty great and I think you will find it to be fun and spur some creativity. I bought my digitech jamman because I wanted to explore looping more because of the DD-7. Delay and/or lopping are very fun to play with. Get into it and enjoy the ride in outerspace delays.