The tremolo takes a little bit to get used to it, and it's not a real strong tremolo either (it's not like a Fender). I used it live, but sometimes couldn't tell it was on. If I still had it I'd probably use a pedal for the tremolo, but I was happy with the reverb. I just bought a new CHEAP Behringer Tremolo pedal for about $25 and it rocks!! It's made out of hard plastic, but it think it'll last a while if I don't let any speakers (or bass players) fall on it :wink:
I did some recording with the Tremoverb, and for that, the tremolo worked great and sounded more musical than a pedal could have...but in a live situation (or if you have another guitar player) it just gets burried in the mix.
That's my $.02 worth.