anyone have any experience with this? I am looking into buying this and need opinions since its relatively new item

need fast opinions :P
I have the TC Helicon Voice Live 1. This is not your typical stomp box. It requires rather in depth programming. It is not a magical device in that it will make a bad singer into a good one. I use mine in my home studio. It's just too hard to use live. The new version that you are looking at is supposed to be easier to use. There were some serious reliability problems with the first model. I would strongly recommend you try one before you buy it .However mine does sound very nice.
I have no way of trying one, but it will be used in my home studio

i am aware of the programming needed and i beleive to have the patience

when u say unreliable what do you mean?