Quality:
The only problem I had was with the flash update, but once I got the right program to load it (from the France Roland site, since it's not available on the US site), it was simple and all my presets were still there.
Value:
For all the things this does, it's a great price. I bought the first one new for around $350 a few years ago, and the second one used for $200.00 about a month ago.
Desirability:
I tried the Boss GX-700 and didn't like it near as much. I did like that that GX-700 was easier to program and you could tell at a glance what effects were on, but the VF-1 has a lot more going for it including pickup sims, acoustic guitar sims, nice bass effects, and a ton of other effects that I rarely use now, but may use later. I also have a Behringer V-Amp 2. It sounds great, but it doesn't have as many effects, and it's not rack-mountable, so I don't use it much.
Sound:
Very versatile. I use one just for guitar and another just for bass. The amp sims are great. The fretless bass simulator is very nice as are the bass amp models and octaver.
Support:
As mentioned, the US web site didn't have the software loader.
Overall:
The VF-1 is just what I needed for my single act. No more carrying a guitar amp and effects pedals. I change patches fast by means of my Guitar Synth, and change level, effects, etc. by means of a couple of footswitches. There is a slight delay when changing patches, so I usually use one patch per song and change the gain, effects, etc by means of switches to avoid the delay.
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