It's funny, I have a line6, and I got it for 2 reasons. First of all, I was attracted to the same things you are, the versatility, the effects, and so on. 2nd of all, it was half off, but that's beside the point.
Anyway, I find that I haven't changed the settings in a long time, and even funnier, the amp I always use is a model of a solid state amp, the jazz chorus. My point is, you might like the bells and whistles at first, but you probably won't be switching between the different settings quite as much as you'd imagine. I found a setting i liked for a great clean tone, occassionally I add some chorus, and I'm set. Unles you're going to be performing and switching sounds a lot when you play, I think the 300 dollar floorboard can probably wait.