#1
I'm thinking about buying a Morpheus Droptune so I can easily play songs tuned in Eb, D standard and drop C without having to switch guitars. Is it a good deal? I have heard some samples on YouTube and looks like it "eats" the tone only if you detune too much (2+ steps). I don't play lower than drop C, so I think it will work. Anyone tried it?
#3
I'd rather spend $200 on a cheap guitar for alternate tunings than on a pedal with limited functionality and poor tone preservation. From what I understand, it can only tune down all of your strings at the same time, which means you'd need a drop tuned guitar for other drop tunings, and a standard tuned guitar for other standard tunings.
Spin 'round carousel when your horse isn't screwed in.

My band:
Fractured Instinct
(For fans of Death/Groove/Prog Metal)

Ibanez RGA42E
Ibanez S420
LTD H-301
Ibanez RG520
Peavey Predator USA
Douglas Grendel 725
Line 6 Pod HD500X
#4
Buy some cheap guitars instead.
It's not really good, and it sound "processed" as a lower (or higher) tuned string have a different harmonic structure and not only the pitch is different.
It shifts the resonant frequencies of your pickup ( like when pitching distorted guitar samples in a sampler) so it will sound kind of unnatural.
You might not hear it on a youtube video, but you will definitely feel it when you buy it and you will be disappointed.
And it will introduce latency as well

Switching guitars is the best option.
#5
I've got one, and it's sitting in a box :p
What everyone is saying is pretty much right on.
If you play anything clean and detune even a half step it sounds pretty bad.
It's alright for playing slayer stuff though, which is pretty much the only thing I used mine for...yeah...sad
It will lower the output of the signal, so you need to compensate for that as well.
If you're playing really distorted stuff you can probably get away with 1-1.5 half steps down, but that's about it if you ask me.

Bottom line...if you care at all about your tone, don't get it... if you just want to mess around some and have it as a toy...sure...get it.
Things with strings:
Ibanez J.Custom, Prestiges, RG8, SR5 bass etc
LP's, Strat, Tele
Noiseboxes:
ENGL Retro Tube 50
5150 III 50W
Orange Terror Bass