It won't sound as "hifi" as VSTi's or the Eventide or TC stompboxes or even the $100 Digitech multi-effects. It's a bit noisy.
The advantages are that it has CV control of the parameters. Disadvantage is that only the 2 reverbs utilize the stereo-ins, for most of the other algorithms the inputs are summed to mono. The pitch algorithm only uses the top (left) input. The delay/pitch is a dual-mono effect, where the left input goes to the delay and the right to the pitch-shifter.
I also have the Flame FX-16 which I prefer since it has twice as many algorithms though it is even noisier but it works very well for what I do. It apparently is based off the same chip as the RT60.