i quite like the effects on the amp. as i said, i usually use my own pedals with it, but i have played live with my own sound programmed on it and it sounded just as good!
if you mess around with the various dials you'll usually get something you like...

so yeah, they are pretty decent effects. the only thing i found a bit annoying was not being able to switch between them easily live, but that's only because i havn't bought the pedal that goes with it (as i use my own). but if you programmed all your settings into the memory i'm sure it would be fine :D .