Looks pretty cool. The only new feature I like is the ability to split the signal and run 2 different sounds at once. I bet it's going to be expensive as hell though.
I have never tried one, but you can get a V-Amp rack mount Pro unit for well under 200. Most like the POD better but there are a few reviews of guitarists preferring this over the Line6 stuff.
Personally... after hearing my buddy's axe-fx I would not shell out any modeling dollars for anything less.
buddy of mine has the V Amp and I've heard the Line 6 stuff...the Line 6 stuff is definitely better. He's had innumerable problems with his V Amp between knobs coming off, entire channels not working, the right output doesn't work, etc. I'll stick with Line 6 when it comes to modeling