Which piece of equipment has better effects, is more reliable, and overall is just better?
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i'd say try to save up a little more and go for a Boss GT-8, or look for one used. OUt of both of those though, i'd proabbly go with BOSS
Rainsong BI-WS1000N2
CA Blade Electric
PRS Santana SE
Ibanez Artcore AF75
Carlo Robelli Jumbo A/E

Fulltone Fulldrive2
EHX Small Clone
Buddha Wah
Ibanez AD9 Delay
Ibanez Vintage EQ

Crate V18-112
Peavey Vypyr 75
Roland MicroCube
Boss are massively overrated. I've tried both, and the Korg was the one that impressed me the most, so I bought it. has served me very well since. fantastic range of good-sounding distortions, intuitive interface, and great value for money. you can pick up a used on on ebay for a bargain.

the wah sucks on both of them though.
Thanks for those posts. Much appreciated!
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I have the ME and like it a lot, although the wah does indeed suck. But as a volume control, it does what it says on the tin. As a cautionary note, when using the pre set patches, there is a huge silence when changing between them, that means you cant really use it for live stuff.