I just got a Digitech Ricochet last week. It has an many intervals including oct up and oct -12 and -24. It has a latch mode where you hold the pitch when you hit the footswitch and have to hit the switch again to return to normal pitch. This mode has true bypass.
The other mode is where the footswitch will go to the selected pitch for as long as you hold the footswitch down. This mode has some pros and cons. The pro is that you can get the cool.whammy effects. The con is that even when the effect is not engaged, the normal note sounds digital. It's sounds like that in this mode, everything gets put through digital processing. It does not do this in the latch mode.
I decided to keep the unit and run it only in latch mode. I've gotten pretty good at getting the whammy sounds by hitting the switch twice.
Any questions, feel free to ask.