It really does.
You get the sound of the AC30 (more or less) with that little box. I find it just a bit stronger on the low end than the AC30 and I turned the low a bit down and the mids up to get that sweet sweet VOX AC sound. The small form factor makes it easy to add the pedal to any board.
However, I feel the clear channel has low response and you need to turn the volume way up for it to even the loudness to when the pedal is off.
The little knobs make it harder to change when gigging, but I believe you should just let it on and still during your gigs I guess.
Also, as far as I can tell, other pedals (I have the Boss Blues Driver and a Reverb) get a good response when you add the 004 at the end of the chain. I use it to replace my 18kg amp and I was not disappointed.