Had one as my gig and studio workhorse for guitar and bass since 2011, great value and reliable, save for some knocks and the "Effects Level" knob falling off recently. I would recommend taking the time to configure your own tones.
Keeping hold of mine until I have the funds put a proper pedalboard together as I've very much locked in the sounds I use for what I play these days. Side note: The plug can be somewhat fragile, as it's got older I've almost pulled it in half, so have a backup.
I picked it up for about the same price of a single decent analog pedal which says a lot because there is so much it offers. Personally, I would prefer analog to digital but if you are on a budget the RP500 is not a bad choice. I've seen them on craigslist for super cheap and if you're just starting out there is a ton of great stuff here. The 100 presets are all over the board from jazz to metal and all can be changed easily with the downloadable software. The software doesn't suck and it's easy to use, unfortunately, the user base isn't active much anymore so finding new patches for sounds is a bit difficult. That doesn't mean you can't experiment and make your own. I would suggest this to anyone starting out or on a budget because it's cheap enough, gives you a great selection of sounds, and might inspire you to play more.
Has so many great settings for every effect that it can drives you crazy. I just have one complain, that have fm settings and some things like that, that i dont get it and i dont care get it. And that problem gave me issues on stage one time. Overall, read the manual very well.