It's damn good. The depth and level controls mean that it's a bit more versatile than your average Phase 90 or Small Stone, but it stops well short of kitchen-sink equipped pedals like Subdecay's Quasar Deluxe. The depth and level controls are quite useful for me; I like very much to be able to set the depth for different rate settings (I tend towards 100% depth for slower settings, and back off of it a bit for faster rates), and the level controls just nudges the volume up or down (it's not a 0-to-100% adjustment) which is practical for dialing in the pedal with different amps and effects (for me, the level control is maxed when playing through a grinding amp, and at about noon when using a clean amp). The deal-sealers: A. It has a sweet spot for me. Most phasers do not; I either find them too goopy, especially on faster settings (Phase 90, Small Stone, and similar) or too subtle, particularly on slower settings (Phase 45). The Nebula IV's sound is right about where I want a phaser to sit. B. I can find said sweet spot with a couple of quick knob twists. Phasers with a crapload of sounds and features are great, but, for me, a relatively traditional phaser makes sense on my pedalboard. Phasers that have only a rate adjustment don't cut it, as I like different depths for different rates. In case you're wondering: My typical rig is a Gibson RD Standard Reissue (stock Burstbucker Pro pickups) or a Fender Blacktop Jazzmaster (Fralin Unbucker in the bridhe position)->too many pedals->Marshall JCM800 2204 (high gain input with the gain control set quite low). I also tried the pedal with a Fender Hot Rod Deville (clean), Vox AC15 (clean and overdriven), and Mesa Subway Rocket (clean and overdriven).