I have the older model, the RC-20. Absolutely freaking love it. Be prepared to lose track of all time as you play with it. Extremely useful for all kinds of things, can record cd's into it and slow the tempo down without changing pitch, just a great tool all around.
Plus, once you really learn to nail your timing with it, it can be a blast to use on stage, too.
Out of the loop? I didn't know there was a loop!