Poor audio quality and driver issues makes this hard to recommend, unless you only want to record quick snippets of sounds.
Cons:
High noise level, and poor signal-to-noise ratio makes it unusable to use with 'higher-gain' amp simulation, and there is no hardware level gain control makes it impossible to adjust for better SNR.
Plug-n-play concept means that you have to use ASIO4ALL driver to have an acceptable latency for live monitoring (a must if you are playing through amp simulation), this is no problem for experienced user, but for beginners it is definitely a challenge. Using ASIO4ALL also makes it impossible to have other audio source playing at the same time from the computer. Using WindowsAudio yields much greater latency. Note that this applies only to Windows, I have not tested on MAC.
No dedicated output means that latency is increased, as well as more complication in software level, sample rates has to be matched to have live monitoring, and this is not beginner friendly.
Pros:
Price point. No other AD converter comes close to this price level.
In conclusion, I can not recommend this product, the poor noise level, and software complication makes this product very hard to use.