First of all, for this price.... You can't ask for more.
That being said, yes ofcourse, you will most likely NEVER get sounds that you will get from Darkglass or something along that line. However, if you actually spend some time (A LOT of time) with it, you will get very competitive tones out of this pedal. EQ section is definitely pretty solid, but more specialized effects such as phaser or distortion is.. okay.. ish....
The construction is VERY uninspiring. The outer casing looks like low quality straight out Audi interior... ;) I have gigged this pedal 3 times so far, I haven't had any problems with parts falling or snapping off, and hopefully it stays that way.
You can set different channels up with different sounds, or you can set it up according to your setlist. Each channel houses up to 5 different effects, and it comes with a function where you can disengage each effect by stomping on the left pedal. Pretty cool. I'm a bassist, and I don't use a whole lot of different effects, so if I wanted to, I could set up a sound and effects I need for a typical setlist into one channel.
Overall, I recommend it. Do spend some time with it when you get it. It's worth the price (very low price).