I've had a few multiFX do-dah's in the past. Started off with a ZOOM GFX-707, it was OK for a few months, then I noticed that the sounds coming out weren't the one's in my head, but were buzzy, tinny approximations of some prat trying to play guitar. The prat trying to play guitar remains, the ZOOM didn't. At the time I was doing a part time recording course at the local college, so I needed something versatile enough to arse about with, but sounded as real as possible without breaking the limited gear budget, so I bought a BOSS ME-30. Far more usable than the 707, and better sounding (though still a bit tinny). That then went to buy a POD v2.3, which I kept for some time. Then, not long after they came out, I p/x-ed the POD 2 for a PODxt, which I still have, and use for recording at home.
The mutliFX / modeller argument will go on for a long, long time to come, and although I like my PODxt, I still wouldn't sell my amp for one. But I would sell one to buy a good amp. ;)