While I don't have a great deal of experience by which I can compare this multi FX against other models, I've found it to be a great unit.
For the price, it packs a lot in - not only the effects like delays, reverb, chorus, phasers, there's also amp modelling, compression, and the foot controller which can be assigned to different variables such as gain, wah or volume.
Add to that the rhythm tracks and using headphones instead of the line out, and it makes a great tool for practice.
I've used it with both guitar and bass and I've been very pleased with the results.
Higher priced multi-effects will obviously have better quality signal paths and more options for adjustment (most effects on this are limited to 3 parameters) but if you're looking for a device that gives you a load of simple effects for varying your sound without a hundred individual boxes, and a lifetime of settings tweaking, then this is very capable device.