I'm very happy with my Pignose. I think its got a great tone for a lot of the stuff I like to play (classic rock and blues mostly)...when you crank it, it has a nice mild overdrive to it. It doesn't handle humbuckers that well though, so I tend to just play strats, my tele, and my Squier '51 through it.
It is a little one dimensional...sometimes I play my Korg Ampworks through it to beef up the sound...the modeled Fender and Vox tones sound great through it (the Marshall and rectified sounds don't though - they're a bit to much for the l'il pig to handle).
I often play through my Pignose when I'm watching tv, or I'll play it along with another amp for a little added tonal flavor. Its pretty good for playing acoustics through also.
I also have the Vox Da-5, and Lev is right, in that the DA-5 doesn't cost that much more and is a lot more versatile. But I think that the Pignose has a sweet tone, and I ain't ever going to part with it. (I actually play the Da-5 and the Pignose together a lot).
Electrics: Epiphone Les Paul Standard (w/S.D. pups - JB-4/bridge, SH-'59 neck), Fender Fat Strat (Mexican), Squier Fat Tele, Squier '51, Agile Valkyrie III, Ibanez Artcore AF75, Washburn OS OE30 Delta King, Dean Vendetta XM (w/ Dimarzios, D-Sonic/bridge, Air Norton/neck), Silvertone archtop (late 60s/early 70s), Titan EG-1 strat, Gibson G-3 bass, Fullerton strat
Acoustics: Sigma DM-5 (Japanese), Silvertone archtop (early 50s), Yamaha FG-110 (Korean), Alvarez RD20 12 string, Silvertone (60s)
Amps: Alamo Capri (early 60s tube), Alamo Challenger (late 60s tube) Epiphone Valve Jr. Head (w/Peavey 1x10 cab & Realistic 2x6 cab), Fender Yale Reverb, Vox Pathfinder 15R, Marshall Lead 12, Behringer G110 V-Tone, Marshall MG15CD, Vox DA-5, Pignose 7-100, Marshall Bass 12