I have the latest Variax Standard. It's actually become the guitar I love to hate though. For gigging, Yes! ..I play it a lot because it's a thing of convenience, but it doesn't sound nearly as good as any of my other guitars - but then it can do most stuff they can ... kinda-sorta ... passably.
It's just convenient.
Like the other guy says, It's like the Swiss Army Knife of guitars.. Nothing that will hold-up to real critical use - in this case: recording, or when one other single guitar will just do, but it's convenient as all hell to have one in your possession when you don't want to drag around six guitars.
The custom presets you can set via software are nice, as you can have - just as an example - an acoustic programmed to the neck position of the five-way switch, a LP bridge set to the neck/middle position of the five-way switch, a Strat bridge pickup programmed to the middle position of the five-way switch etc. so switching guitars/pickup combinations can be incredibly convenient.
It doesn't sound as good as ANY of the guitar "types" it models though. My-major gripe is that it lacks touch/feel string definition with everything it models - but switching to magnetic (bypassing the modelling) you get that all nuance back.. ... also the acoustics sound cheesy to my ears - which is a shame, because that's why I bought it...but, y'know, it'll do okay for live work.
Love the tunings and virtual capo.. Great for requests and covers, which is what I get roped into doing quite a lot.
Like I say, I play my Variax a Lot, but only because it IS so convenient.
Just for example, the other day I was doing an a minor blues thing and so I grabbed a Les Paul and it floored me how good that guitar sounded compared to the Variax..
... I got feeling back... I immediately connected with the music and the guitar.. And that's the thing with the Variax. It's convenient as all hell, but it just doesn't provide the detail and nuance of that which it emulates.
JMO.. YMMV.
For all it's faults and my incessant nit-picking, I'm Very happy I bought it.
(Edited because I'm crap at da-Eng-a-lish).