It has 99 effects, but they are combinations thereof. For example, the first 20 are all reverb with other effects attached to it. Reverb. Reverb with chorus. Reverb with flange. Reverb with Delay. Reverb with wah, and so on. And you can set the settings for each effect that they combine.
It's not a tube amp, but it's meant to somewhat emulate the sound of one. It's got this thing called "Virtube" that's supposed to "digitally" emulate a tube amp, but no solid state amp really can ever do that. I wasn't really looking for tube amp sound anyway, but this amp does have a soft/warm touch when you want it.
It is, I suppose, basically just an effects amp, but one shouldn't rely on the effects alone. Of course, it depends what style you play, but I use a separate crybaby and a separate effects pedal for dists. and more effects. (I love to mix things up. Very "incubus-like".)
But I can't rave enough about the stereo chorus. I'm sure other amps have stereo chorus just as good, but the effect is very good. Especially for clean tones.
The distortion, as I said before, isn't very heavy, but it is very good. (In quality, I mean). There are some cheapo distortion pedals out there that really suck, and and you can't go wrong with the distortion on this amp. But if you're looking for something slightly heavier, I would recommend getting or having a stomp box handy.