This little gadget does the trick. Guitared Geezer (lol) did an excellent job detailing and describing the features (plus Im lazy) so I wont elaborate too much. But being able to hear my axe and Comp (and iPod) thru the same headphones is perfect.
I got the AC30 version (figured it would be somewhat universal tone). With my strat the overall volume is decent. With my SG however, if i cank everything up, im sure my ears would bleed. The sound quality is just decent, It sounds kind of "tinny". But for a tiny cheap little gadget you cant expect a whole lot in that department, plus i am a real tone snob.
If you are looking for something like this, this is an great choice.