This arrived I think 4 working days after I ordered it, and at £81 including postage proved to be an amazing bargain. I'm running it with Gearbox 3.00 on an iBook G4 1.41ghz with 512mb ram, and it is running very well on what is not exactly a cutting edge machine anymore, I haven't had to adjust anything because of latency etc...
I use it to record bass and guitar into Garageband, as a hobby musician. To start with the guitar amp models are fairly accurate, I think, there's a super high gain Mesa replica, along with the mid-scooped Marshall sounds and 'Piezacoustic' sound which is supposed to be used on the piezo output of an electric but sounds very nice on the neck pickup of a normal magnetic pickup equipped guitar.
It is difficult for me to comment on the accuracy of the bass amp models as I haven't played through any of the amps they are based on, but I can get a very nice, warm, mildy overdriven sound with the 'Eighties' amp model and the Sansamp style 'Bass Overdrive'
As far as effects go there are too many to mention, and one of my only criticisms lies in the fact that you cannot run two effects of the same kind at once. The 'Stomp' bank is mainly overdrives and distortions, and the pick of the bunch for me would be the 'Fuzz Pi' as it does exactly what it says on the tin and cracks the Big Muff sound. As well as standard modulation and delay effects, which are all effective and have tap-tempo and quantize functions, there is the option to route the effects to different stages in the loop and adjust mic types, angles and distances, all of which make very subtle differences but can be just what it takes to perfect your tone.
On the whole, if you want a simple home recording solution, a copy of Garageband, one of these and a decent lead is all you need to get going! Great value at £75 I wouldn't even bother upgrading to the UX2 as I don't need the extra ins and outs anyway.

The TonePort for modeling earns a 10 and at this price with fast delvery (arrived next day)

I had a guitar port for some time and did way it was supposed to I use it to model amps that I cant afford! The sound can be excellent and now the TonePort comes with even more amps, FX and updated software, I could always use the POD as I dont use this for recording but Im happier to adjust the amps and settings on PC screen.

And as a bonus I logged in to Line 6 website to find all the upgrade prices were half of what are shown on the website, $49 upgrades were $24 thats £13 for Vibroverb amp!!!! works a treat.