My thougths: it's a cool little pedal and for that price I'll probably pick one up cuz it would allow me to carry around captures of my FM9's favourite amps in my pocket.
But, overall I think a half-way product between this and the regular tonex pedal would have been the sweet spot for many. Housing it in a classic B or BB enclosure would have allowed them to put things like full sized knobs for the controls, separate jacks for stereo out and headphones, midi I/O, a rotary switch/encoder to select presets/models, less hidden functions and parameters and maybe even a little display.
And it would have been a much more usable product with no need to make two separate versions.
PS: and being IK Multimedia, I won't be surprised if such a product comes out in 6 months from now anyway.