Haven't heard 2.0 yet, but version 1 was OK. But just OK nothing spectacular. I used it a couple of times to master up some old analog multitrack tape stuff (after being transfered into Wavelab, with RayGun doing Noise Reduction duties). I could have done better, but at the time it worked good for me.
If you are looking for a an all-in-one package, I'd say check out Izotope's Ozone plugin too. I like the Ozone multiband compressor better, and it is even more Swiss Army Knife like, with all it's extra goodies (i.e. Exciter, Reverb, etc.). Also worthy of note is the PSP Vintage Warmer, which has it's own sort of dirty flavor (and is quite affective as a track plugin, for say, adding some really warm growl to a bass track). However, none of these will replace a good plugin bundle (i.e. Waves, UAD-1, etc.)