TC Electronic has made an affordable, functional, little looper with the Ditto, and there's not much to complain about it.
I've been using it to experiment with textures and layers, and it's been stellar so far. I've yet to try it at a gig, but at the moment there are no worries wether or not it will deliver, performance-wise.
Of course, given the price tag, there is the thought in the back of my mind wether or not this pedal will last very long, especially after reading about some long term issues with it. But I think that even if it doesn't, it's cheap enough to buy another one, or upgrade it if looping ends up being your thing.
To sum it up, basically, it's simple to use, it has good sound quality, enough time on tap to play a bunch with it before it overloads, and it doesn't break the bank.
So, this is one happy camper right here :)
EDIT: After a few months, the footswitch is on the edge of breaking, it seems. Several times that I step on it to record a second layer, and it just stops, or I step twice quickly to stop and it just deletes the whole loop. But still, it's ok for home use.