I have a line 6 Spider V30. I am constantly blown away by the sounds I can get out of it. One of my current tones is a modelled dumble amp with a tube screamer, analog delay and a Fender Spring Reverb... and it cost me about $150.
However, I do not like the speaker so I use the line out to some external powered speakers and it sounds great. In fact I run it through a small mixer so I can also input my backing tracks and control it all through the mixer. I can then run my headphones off the mixer as well.
With this set up I am really using it as an effects processor and it does a great job.
Cheers
Stephen J