I think it will benefit some people. It's like an enhancer. It doesn't really change one mic into another as it claims to. It just gives you various tonal presets.
That's a great explaination. The thing that's cool about it is that by just randomly picking some presets, I can sometimes get a REALLY cool sound out of an instrument or vocal track that I never would have considered doing through EQ. I also like it for low end roll off stuff.