Boss multieffect pedal

I'm thinking of buying a multieffect pedal pretty soon and am leaning towards this one from Boss. I forget the name but it's got a price tag of around $400 CDN and offers alot of control even while your playing.
This is my very first time buying any kind of effect pedals so would anybody care to offer me your insights on this? (The main effects I'm looking for are chorus, phaser, compression and delay.)

A friend of mine had the Boss GT-3 preamp/processor. He was able to get some amazing sounds out of the box. He had a chance to buy a GT-5 (the next step up) at the right price, so he upgraded. He likes the GT-5 so well that he sold his Mesa-Boogie and just runs through the PA. I was considering buying a GT-3, but found that the Yamaha DG-Stomp better suited my needs. The DG-Stomp doesn't have as many effects as the Boss, but it offers outstanding preamp emulations and good basic effects. The GT-3, GT-5 and DG-Stomp are well-suited to live performance out of the box. Both the GT-3 and the DG-Stomp are well within your budget.

Thanks for your advice!
I actually got the Boss GT3 just this week and am already falling in love with all the possiblities it's opening up for me.
It's really easy to use and the parameters give you a thorough control over your effects. Can't wait till I get on the stage and pull this one out infront of my unsuspecting audience :D