It's strictly for playing. You can't download patches with it, it doesn't store any recorded pieces, etc. About the same as a Zoom 707, but pricier because it has the word "POD" in its name!
The appeal of the POD for me was that I would never have to bend over on stage to adjust anything. If I wanted to tweak something I could put the unit at eye-level or somewhere off to the side and make the adjustments and not have to crouch down on a dark stage to try and see something.
Additionally, I found the floorboards for the PODs to be top-shelf. Very rugged and well thought out.