Starting with cosmetics/appearance: This guitar is beautiful. Enough said!
Feel: It's roughly 8 lbs, it feels solid and the hardware is also very solid. I.e. there are no loose tuners, knobs, switches, etc. and they don't feel like they would snap easily, either. The neck feels just like a top-notch Paul Reed Smith, to which I have played a few. I'd take this guitar over a PRS any day. The only negative mark I'll add on feel is that the neck becomes very fat where it meets the body (about the 17th fret), which makes it very hard to keep your dexterity on the bassier strings, if speed is your thing, but this doesn't affect my playing style at all!
Sound: With the Variax modeling turned completely off, you run straight through the humbuckers that are shown in the photo, which sound amazing. The lead position sounds beautiful compared to many other guitars, which have entirely too much treble and not enough bass on the lead position, this guitar is balanced perfectly, in my opinion on the lead position. The rhythm position is adds a lot of low end, just the right amount, and also remains crystal clear, whereas many other guitars lose all the treble on the rhythm switch, causing a very muddy tone. I give this guitar's rhythm position 5 stars! The middle position, on the other hand, I believe sets the pickups out of phase (if you don't know what that means, look up "phase inverter" on a search engine and see what that means for humbuckers--it's usually described as a slight volume drop and a "nasal" sound--very unpopular). Now, on to the Variax modeling...
The possibilities become endless at this point! The modeling is rather spot on, although I've found that the Les Paul models (including the Juniors) have a bit too much lows. The Fenders are spot on, the Gibson ES-335 is possibly my favorite for cleans ("Semi" model with the white light on). The sitars, banjos and resonators are cool to play around with, but I have no practical use for these, so I will say that I'm pleased with them, simply for lack of experience with these instruments. I bought this guitar for the tuning flexibility mainly.
The Variax Workbench is a very handy piece of software that allows you to absolutely 100% customize this guitar. In your custom slots (you get 10, I believe), you can pick any of the preloaded bodies (which makes a big sound difference, believe it or not), any of the preloaded pickups (my favorite are the P90s) and you can program that patch to play any tuning you want, as well. What's more is that you can move the pickups to any position you want. I.e. you can slide the virtual position of the pickups as close to or are faraway from the bridge as you want, down to the .01"!!! Like I said, 100% customizeable. But, as with anything ever made from Line 6, there is a very steep learning curve, so you will be sitting behind your computer and guitar for at least 8-12 hours before you can "kick the training wheels off."
This guitar is built with great quality! Is 100% customizable and can accurately emulate DOZENS of guitars in ANY tuning and you can switch between any of these presets in the blink of an eye! I have a song with my band where I start off the intro/verse using a 12-string acoustic in standard and then switch to a distortion for the chorus, using Les Paul model with a B-E-A-D-G-B tuning, and I'm able to go back into the verse to the 12-string, back into the chorus with the Les Paul and so on, virtually seamless!
It is expensive, but it is worth it! This guitar costs less than just ONE of the classics it models flawlessly, so I consider that a good bargain. If you play in one band and stick to the same tuning, same sound, same genre, this guitar isn't so much for you. It's for the guitarists who want multiple tunings, multiple sounds and the versatility of multiple guitars, to whom I would absolutely recommend this guitar!