I played around a bit with the demo, and it's better than I thought it would be. As a guitar player primarily,... choosing a guitar sim is as difficult as choosing a daw. They are all getting very good. I now have 3 full blown versions (S-gear, amplitube 4 and Revalver 4 + a HD500X) and wouldn't mind at all adding a few more.
I was able to get some good clean tones quickly...The Vox and Fender Deluxe sounded pretty good to me.
I can't say much for the high gain tones, other than I much prefer what I've been using in S-Gear.
There isn't any effects, (I used tritik delay and Valhallavintageverb while demoing it) only the amp, speaker and mic. You can switch out the preamp tubes, power amp tubes and speakers...seems like there are about 5 or 6 of each to choose from. You can also adjust the mic distance and move it from cone center to the outer edge.
It will go on sale for 50% off at some point, and Saverio will be adding to it for awhile i bet. I'm not planning on getting this one, but I'm impressed. It's better than I thought it would be, and I have supported hornet in the past. His prices and support practises are worthy of praise.
Everything it does I already have in a better and deeper amp sim, but if you want a nice simple, cheap amp sim, I would suggest you try the demo and see if you like it. It is getting pretty good reviews at Gearslutz and KVR as Richard mentioned.