I've had an ME-50 for a couple of years and I purchased it for the same reason you are looking at it - I have several guitar maps/combos (
Marshall,
Fender, Vox, Peavey, etc.) and a couple of amp sims (Pod and J-Station) - so I simply wanted an easy to use, decent sounding floor pedal. I didn't want amp sims - I just wanted a good, old fasioned floor unit.
In particular - I wanted something that I could quickly tweak knobs, rather than scroll through pages and pages of menus. I've got waaaay too many pieces of rack gear with display windows that don't work in certain lighting conditions, or require an advanced degree in engineering to navigate, etc. - I wanted an effects pedal that I could simply bend bown turn a knob and play.
The ME-50 has some very good modulation sounds (chorus, etc) and I think the delays are very usable. The reverb is weak.....but I'm not a big fan of much reverb on guitar.
The foot pedal for wah is not as good as a stand alone (Crybaby,etc.) - but it does the job. I don't play much music calling for wah - so my wah chops are not strong.
The noise gate works well- but the "EQ" section is worthless - I would have preferred a graphic EQ rather than the stupid "presets". There are plenty of I/O options...........but no MIDI.
Regarding the overdrive/distortion - I never owned most of the pedals it "simulates" so I can't attest to how accurate the simulation is.............but I never have a problem finding the sound I need. I try to use the guitar amp for my primary crunch - so I normally dial in only a little ME-50 distortion.
If you want a very easy to use multi effects floor unit - and if you prefer to tweak knobs rather than squint at a display window - and if you want something that will hold up to abuse (the ME-50 is built like a tank) - then you my like the ME-50. I know I am satisfied with mine.