This unit takes care of the effects in my studio/live setup - as usual, it mostly gets stuck with doing the reverb, but I also use it as a compressor when recording vocals.
I did actually try several units before settling for this one. First, I tried an Alesis QuadraVerb, but I think it's far too metallic - it's very noticable on pianos. Then I tried the DigiTech StudioTwin, which has a nice sound but is not very flexible. I finally settled for the StudioQuad, since it combines both great sound with a nice MIDI implementation and editability. Unfortunately, it doesn't come for free...