That Ibanez unit is so cool!
I have the Ibanez UE400 which has a compressor, distortion, phaser and chorus. I understood that these were like the old school equivalent of a guitar multi-fx pedal and I initially bought it and racked it above my bass amp using it for compression and chorus effect on my bass (The Cure anyone?) but now lives in my studio rack as all the effects sound great for what they are - 9 times out of 10 I use the chorus on the ibanez unit over my Roland DEP-5 (of course one is analog chorus whilst the other digital). My unit actually didn't come with the pedal but the previous owner installed little switches for each effect channel which is very handy for what I use it for now days anyway.
Such a great unit that doesn't come up often around my part of the world, but next one to pop up UE400 or UE405, I will be buying.