Its all relative. When you are used to the latest gen of conversion, older devices become objectionable.
If people are saying some piece of gear is coloring their tone, I tend to believe them. But I can't be certain why.
I absolutely don't believe that because its a guitar signal chain that conversion doesn't matter. Everything matters: Conversion quality, latency, strength of cpu, sample rate, internal bit rate, etc. You have to take everything as a whole.
Maybe the VP4 has the most expensive and best sounding reverb algorithms in a pedal? But its also conceivable that some mainstream company is using better conversion, better audio design, and some people will notice that an inexpensive pedal has less affect on their signal chain, even if the reverbs sound shitty in comparison.