The VC1Q is a good vox box.  The mic pre is probably no better than the M-Series, but the optical compressor kills, and the eq is very musical.  I agree with eeldip in that I have no use for the enhancer.  I disagree that it is overpriced for what it does.  This is a vox box, and I have heard it up against some very classy pres (on voice) costing 5-6 times as much, and it held its own quite well.  I haven't checked the facts, but it's been reported on this board that the VC1Q is/has been used in quite a few Nashville studios.  It is also a pretty nice DI for electric guit.
However, Alan is in the process of doing a major upgrade to this piece.  And when the new units are available, I will be trading up.
If you are looking for a vox box for pop/country/rock, I'd wait and check out the new unit.  If you are looking for just a great preamp in the same price range--no compressor or eq, I'd look into the RNP or the Grace 101.