The presets are a nice example of what this thing can do but, to get the best out of it, you need to be willing to learn how to use subtractive synthesis. And it is absolutely worth it!
There are plenty of presets made by other people, which you can download, and these explore yet further possibilities - from kalimba+flute, to a remarkably aggrotech-compatible growling sound. Use these as they are, or as inspiration and jumping-off points.
It will take you a very long time to reach the limits of what it can do.
The tracking is startlingly good, as long as your muting is good enough. If it's not, well, now you have a reason to work on it :)
It even keeps up with slide guitar and fretless bass!
Cons? It's _mostly_ monophonic, so your options are limited if you want to play chords through it.
However, since it's basically a Spectrum filter pedal with a synth section bolted on, you could always play a HOG2 through it...