It really is. Awesome is another word to describe it. I really can't believe how good a tone you can get with this thing. The 'rectified' preset is my favourite, I haven't had a chance to edit the presets all that much but from what I've done its really, really good, and the choice of effects, amps, and cabs is great. HIGHLY RECOMMENDED!!!
Only downside at the moment is that there's no support for the X-Edit program on Vista at the moment, but it's coming soon.
I really like my RP150.

"Blues Drive" is my favorite preset.
Epiphone Les Paul Standard
-SD "Pearly Gates" bridge pickup
-50's style wiring
Digitech RP150
Boss DS-1 Distortion
Electro-Harmonix LPB-1 Linear Power Booster
Peavey Windsor Studio

= My amp on crack
i never figured out how to work the one my friend gave me. i could never get it to act like a wah pedal. maybe im just dumb....i think im gonna try to do it tonight.
Gibson Les Paul Studio
Squier Classic Vibe Tele
Fulltone Clyde Wah
Fulltone OCD
Fulltone Deja Vibe
Fuzz Factory
Carbon Copy

Boutique Marshall-Style 50watt amp head
Orange 2x12
push the toe end of the pedal down and it'll switch wah on, or you can select a wah preset which'll let you select the level of wah by the tilt of the pedal, OR finally you can just edit any preset and add the wah effect which can be controlled by the pedal. Have fun.