I've had many successes using the 4-cable method and the PODX3Live in a gig setting. The outputs have almost no coloration and I am able to utilize the dual processors in the X3Live for up to 8 FX at once. It's like putting an FX processor into the guitar input and and FX processor in the FX Loop. It nice for playing songs with lots of switches from Gain, when you need a compressor or stompbox to crunch up the tone, to clean when you need verb and delay with no stompbox. I would say the biggest drawback is programming it for this purpose. It is tedious if you have lots of patches like me. If anyone wants advice on this topic send a line! I'm using a Triple rec 3ch and a Stiletto Ace with it.