The VAmp 2 is essentially a bunch of amps in a little blue box. It doesn't have a lot of effect parameters like a POD, but still it's got most everything you need for a modeling amp with effects. It's simple yet effective. I've heard plenty of great sounding songs where this was the only amp.

The specs can be found at http://www.behringer.com/V-AMP2/index.cfm?lang=ENG

Like all modelers, patches for it can be found all over the web. There are also at least 3 computer interfaces available for free. This makes editing via computer a snap. You do however need 2 midi cables and a midi interface for your sound card to use the onscreen editing function. Also, like every other modeler out there, the real proof of sound quality can only really be found out by editing your own patches. Choose an amp - dial in some effects (or not) - play. It's pretty quiet, but my house AC is not, so I get some hum on my recordings. There is a built in noise gate that works very well.

It comes with a Codura padded carry bag and a foot pedal for incrementing patches up and down. All this for around $99. So, for the cost of single effect pedal you can have a whole lot of amps and effects to either play through an amplifier or into a computer for recording. Pretty good deal if you ask me.