Line6 JTV Variax

I've got a JTV-59, and give it a thumbs-up, but with some caveats. My $.02......
 
Things I like:
- Models are all passable, but solid-body models are the most accurate. I really like the strat, LP, and Ric models.
- Acoustic guitar models are usable in a pinch for live performance. They sound better to my ears than most under-saddle piezo pickups (sorry, I just hate the sound of piezos - too harsh and percussive), but not as good as a properly mic'd acoustic.
- Being a solid body guitar, you don't have to deal with feedback issues using acoustic models. Huge plus!
- Quick switching of guitar models means I don't have to go get a different guitar out to try a different sound.
- Single-coil pickup models won't pick up a lot of 60Hz hum like the real thing can (traditional singles) 
- Good build quality. I never had to do any setup adjustment after I got it. Action and intonation were set right from day one. I had some switch and internal connector issues initially, but a little cleanup and reseating of connectors solved it quickly. I suspect the guitar had been exposed to a humid environment at some point.
 
Things I don't like:
- Use of alt tunings does result in audible latency. Not a huge issue, as I can accommodate, but it's there.
- The electronics do produce some noise. Means you have to do some post processing to lower the noise floor
- Acoustic models are limited in terms of how you can alter the sound to simulate different micing techniques
- Hollow-body models don't give you that nice woody lower-end feedback reinforcement that's so critical to the sound.
- Glossy neck. Yeah, I know, I can sand it and refinish it. Just haven't bothered yet.
- Neck isn't wide enough for all playing styles. Would prefer something more akin to a PRS wide neck.
 
The best way I see to use the variax:
- Live performance with solid body models and acoustic models. Quality of solid body models and feedback resistance of acoustic models wins here. Sound of acoustic models ain't perfect, but the JTV is so much easier to handle in a live environment.
- Working up initial prototype tracks where you're still experimenting to find the right guitar sound
 
The ways I won't use the variax:
- Use of all the hollow-body models for any purpose. Inability to utilize feedback to reinforce the low-freq sound makes the variax an inauthentic hollow-body experience. Swing and a miss, Line6. 
- Final tracking. I've got enough other good guitars to use that I can get a better sound from. Noise is also an issue here.
 
Final Thoughts:
I am very glad I got mine. It's a very useful tool, and a nice choice to take to a gig or jam session if you don't want to haul a ton of gear and want to avoid the problems of micing an acoustic guitar. It's a good choice to compare sounds while you're developing a song. For reference, a few of the guitars I own and use a lot: American Strat, PRS Hollowbody Spruce, Eastman El Rey, Taylor 310 (best money I ever spent...cheap and sounds great), EGC Series 1, Travis Bean TB1000S. I've got a bunch more, but those are the ones I use the most.
 
Pete