It arrived yesterday and I got to play around with it. I am very impressed. The amp sounds are great and the different speaker and mic options all make a big difference in sound and tone. What is even more fun is the louder you crank the "amp" the more it starts to distort. If you turn the gain up too high you get some fun and crazy feedback. The phaser pedal, tone booster pedal, and distortion pedal are all sweet. I haven't picked a favorite yet, but the 12 preset configs have some neat settings. The tuner worked great. Remember to turn your iphone, ipad, or itouch's volume up. At first I was confused why I wasn't getting sound and my volume on the ipad was turned all the way down. I am interested in trying to get a speaker cord to 1/4 inch cord to try plugging it in to my amp. So many possibilities!
If you are on a budget, but have an iphone, itouch, or ipad I would buy it right away. It is a great alternative to spending thousands of dollars on the real thing. Are they the same? Of course not, but they are VERY good sounding and responsive. I am picking up the full amplitube set ($14) to get a couple more amps and more pedal options.