Fun onstage, but "Studio Quality" is a stretch
Three stars because it is a lot of fun to play with, especially if you perform solo or as a duo.
However, you'll never want to actually use this device for recording unless you're actually after a lo-fi effect.
Guitar players, don't waste your time on this unit (maybe the new VoiceTone Harmony-G is better for you). This device is really for keyboard players, because unless you're providing MIDI for it to follow, it's way too much work to program it for live performance.
For that matter, don't bother with it unless you enjoy tweaking electronic devices. If you're a presets-only person, you'll be frustrated because it does take a fair amount of fiddling. But if you're an old-school veteran knob-twister, don't be put off by its reputation for being hard to configure. That's the presets-only crowd talking.