I also have a PodXT, which i sometimes use in jamming situations as a multi-effects unit by turning off the cab model and setting the box to "No Amp." it works pretty well, but the effect simulations are noticeably less variable and rich in a live situation than the original stompboxes...it's like a digital photo of the actual effect. conversely, it sounds rather better with an amp model run into the computer than a mic'ed amplifier does.
my particular peeve about the PodXT (other than the octave divider, which is horrible) is the flanger settings, which are a little cardboardy. i spent weeks tweaking with the flanger settings to find the effect i was looking for. the chorus is better, and the amplifier tremolos are pretty convincing. so i don't know if the pedal is going to give you what you want.
one other thing to consider...i have been a big supporter of multieffects units, but several efx gurus (e.g. Roger Mayer) said in the most recent Guitar Player that they don't like multi-efx because if the unit dies, your whole effects chain dies, while one dead pedal can be pulled out of the circuit without wrecking the whole setup. i think they have a point. mostly i'm using the Pod outside of the house because it's easier to schlep and set up, and because i really can't afford to go out and buy two fuzzes, a chorus, a flanger, a MuTron, a Univibe, an Echoplex, a Space Echo, a digital delay, a multi-reverb unit, and a wah.