I believe my search for a compact reverb unit has ended with the RV5. I own a Strymon Bluesky and took home both a TC Electronic Hall of Fame and EHX Cathedral before landing on this pedal.
While the pedal certainly isn't perfect, it's proven itself to be better sounding and far more usable for my application that either the TC or EHX. The Bluesky remains the best reverb pedal I've heard, but I use it primarily for electric/shoegaze type stuff, while the RV5 is typically employed for my acoustic or occasionally in my amp's effects loop.
There are certainly some drawbacks to this pedal, and I can see how they might be dealbreakers for other players. For one, Boss's claim of rackmount quality in a stompbox is certainly a stretch. To anyone who knows reverb, this is going to sound like a digital emulation (but really that's true of just about every reverb stombox you can name). You just don't get rackmount processor quality without paying for one. However, this pedal is far less digital sounding to my ears than any of the other pedals I tried.
Secondly, I think many pedals, including the RV5, go a little overboard with their spring tank emulations. On one hand, it's a cool effect because you can actually hear the "springs rattle" when you hit your guitar a little harder. But I own 3 amps with spring tanks, and none of them rattle nearly as much as the pedal unless you really turn up the reverb and really lay into the strings.
Finally, as with all the Boss pedals I've used, the tone suck factor is noticeable when the pedal is bypassed. You really have to be conscious of where this falls in your chain, particularly if you're using a lot of other buffered pedals or running other sources like microphones.
But even with all of that, this pedal still wins the small stompbox reverb competition by a long shot in my opinion. While it lacks some of the really detail oriented controls like pre-delay, the sounds are still well designed, complex, and as genuine sounding as you're going to find at this price point. It's very usable in a live situation, versatile, and very moderately priced. The number of pros who use it is certainly a testament to its quality, and I am very happy with the results I'm getting. It's got all the staples you'd expect from a reverb and does them quite well, as well as a couple more "out there" emulations that afford a little more creativity. I think this is a great middle of the road pedal with something almost every player will enjoy.