The LS-2 is worth its weight in - well, not gold, but close. A while ago, I've bought a second unit to gain more flexibility in experimenting with groups and chains of many various pedals, looking for specific sounds. I wanted to be able to switch between groups at the push of a button, and easily compensate for volume differences between the groups. The LS-2 does all that.
Switching: One of the best things is that you can switch between the A/B effect loops, A/B/bypass, A+B mix/bypass, and Output select (e.g. for switching between amps). So easy to switch between solo and rhythm sounds that consist of two or more pedals. The footswitch itself is as sturdy as any Boss pedal, and the one on the LS-2 is silent and 100% efficient. Bypass is true, didn't notice any signal loss.
Power: Use a Boss PSA unit (or another stable & isolated 9V power supply) though, or you'll get an amount of free noise. From the LS-2 you can forward your stable 9V to a couple other pedals; so far I haven't heard any ground loops when powering up some (A/B) looped pedals from the LS-2.
Definitely worth it, highly recommendable.