My application for this unit, is to use it as at a pedal-based clean platform amp to use in conjunction with an FRFR-speaker and with some compact pedals I particularly like.
The quality of the sounds has greatly improved since the Mk1-version, although I tend to stick to the the vintage clean preset. This presents me with a decent and tweakable Fender-esque clean canvas.
The pedal is very suitable to use in combination with other pedals.
The built in XLR-out is not at all good-sounding, so an additional amp sim-DI or IR-loader is advisable before going straight into the board.
As a stand alone unit, it is very practical (e.g. hotel room playing with headphones) but the sounds of the higher gain stuff are not very convincing.
Sonically, neither the Mk1 or the Mk2 can really compete with the Tech-21 GT-2 SansAmp the design was clearly based on.
Overall, a practical little unit with some pretty nice features; if it were really suitable as a one-stop solution for amp modeling, amp sim AND DI, this would potentially be a five star product on pedalboards everywhere. Maybe the Mk3-version? I would happily pay quite a bit extra if the DI were more usable (and included amp sim functionality, e.g. Palmer pdi 03 jb).