...and it is pretty wonderful.
I am working on a live show focused on multilayer hand percussion, frame drums, and vocals. In addition to a Yamaha DD-55 percussion device, I am using two Shure SM-57 microphones and a Garrahand (tunable metal tongue drum with internal microphone) running into a Behringer mixer, into an iPad 2 and then onwards to a Fender Passport 150 PA system.
The bass response issue that I have struggled with for so long (using an iRig) has completely vanished. I now have deep, THUMPING bass! The frames drums are suddenly incredibly rich and detailed. If for no other reason, this makes it worth the $200 US.
There were some "crackling" issues in the beginning, but I think it was due to me having both outputs from the Alesis connected to the PA - and the current software is only mono? Raphael, can you tell me anything about this?
It's pretty wonderful having a manual master volume control to raise or lower the overall mix volume all at once! The thing also has midi and usb ports, so I guess I will need to start learning about midi...

I have been experimenting with rolling the volume off to about 3/4, and then using an earbud from the headphone jack at full volume to provide the starting click. You can still hear it faintly in the speakers, but it helps cut the volume there down considerably. The challenge is getting the volume of the live performance to match what plays back once the loop takes over...
My next project will be to find a battery pack to power the Alesis unit. Once I have that the entire set-up will be able to run off batteries (well, once I replace the P.A. with the Roland BA330 which is friggin amazing!)
Raphael, if you have and questions about the unit, just let me know
Looking forward to the next update - I'm ready to play in stereo!
thanks
michael