I like to warp and distort sounds. I bought a 1201 a few years ago mainly because of bank "C" of the effects: ring modulator, distortion, auto-filter, lo-fi, etc. I instantly fell in love with it. I went back a couple of weeks later and bought a second one. They are still some of my favorite effects. The "regular" effects, like delay and reverb, are OK, but certainly nothing special. Noise hasn't been an issue for me because I'm usually thrashing whatever I'm running through it anyway. I've found over the years that cheap effects units will often have personality and color that more expensive units do not. This is not always a good thing, but they can be a lot of fun and take you in directions you may not have discovered otherwise. If it's cheap, I say go for it.
Mark