Hi ES335, I have experience on the POD 2.0, Flextone II Plus, POD PRO, PODxt, and PODxt Live.
I think the earlier Line 6 products POD 2.0/Flextone II Plus were raw and had good overdriven sounds. That rawness in the crunch/overdriven sounds is what a lot of people liked.
They weren't good on the cleans, however. I had problems with getting a clean fendery tone. I think Line 6 modelled after a dirty Fender breaking up, thus there wasn't alot of headroom and dynamics in their Fender Deluxe/Twin Reverb models. Their upgraded version 2.0 are revised with models that are clean at a low drive setting to dirty at a higher setting ... this I'm sure is due to feedback from POD 1.0 owners who attempted clean Fender tone by setting to low drive but got a lifeless punchless signal.
The FX were your "bread and butter" FX: wah, chorus, delays, etc. Very useful and I loved it - very analog and minimal messing around with parameters.
I seemed somehow that Line6 presetted the parameters for users, so that with a single twist of amp selection, a usable tone is there for you.
BTW, Citymusic is dropping price on it at $295!!!