I was very skeptical of this pedal when it first came out. I was convinced that it would have a slightly "out of phase" type sound... or even some latency. The demo vids demonstrated the effect on a clean sound and I could have swore I heard some weird phaseyness too it. Much like my Line 6 Variax guitar. That thing is great in the studio, but just sounds weird to me live, so I don't use it.
HOWEVER.... I was finally able to actually sit down and test a Morpheus pedal recently and I was BLOWN AWAY!! Not only did it not sound weird to me, but it actually WORKS and quite well. I'm not super dooper picky like some. But I am a "professional" and gig in a popular cover band about 40-50 dates a year. And we are all three buying this pedal. it's going to blow the doors open for our setlists. We'll finally be able to do all the crap people have been begging us to play for the last 17yrs! Stuff like You Shook Me All Night Long, Def Leppard, Loverboy, Foreigner, AC/DC, and certain Zep songs. All of that stuff is pretty much impossible to sing... much less do it live, and song after song. Both of us singers can sing almost anything, but those types of songs aren't comfortable, even in Eb.
What is cool about this pedal, is now we'll be able to tune standard, but play in Eb like we do now. Plus of course, dropping the pitch to be able to sing awesome classic rock songs. There is something to be said for the tension of a guitar tuned to E vs Eb... especially bass! This pedal is also going to help when learning songs too. If we learn say 10 new songs, we always have to retune to match the tuning the artist used. And there have been times where two of us learned it based off Standard tuning, and the other guy learned it in Eb, thus a different key. Makes it a lot harder to transpose that in your head on the spot, especially LIVE. So we end up skipping it until that person relearns it.
I just saw that Morpheus has come out with a Capo pedal, which is very cool too! I wouldn't be surprised to see them come out with a bigger, more expense "all in one" pedal board like a Morpheus Deluxe or something.
I know that some here have tried the pedal and didn't like it. Some will and some wont. Each person hears things differently. I've been a musician for a long time and I have pretty high expectations and standards (as well as the other guys in the band), and we were sold. Period!
Hope this helps!